State Street and Galaxy (GLXY) launch tokenized fund to bring cash management onchain

State Street Investment Management and Galaxy Asset Management have introduced the State Street Galaxy Onchain Liquidity Sweep Fund (ticker: SWEEP). This tokenized fund is designed to bring core cash management onto blockchain networks, specifically launching on the Solana blockchain with future plans to expand to Ethereum and Stellar.

The fund allows qualified institutional investors to park stablecoins to earn yield while maintaining the ability to move funds in and out continuously. Unlike traditional money market funds that are limited by market hours, this blockchain-based structure operates around the clock. Galaxy provides the tokenization system, Anchorage handles digital asset custody, and State Street oversees the traditional securities within the portfolio.

This initiative follows the success of other tokenized products like BlackRock's BUIDL and reflects a broader trend of large financial institutions leveraging blockchain to modernize market infrastructure, reduce settlement delays, and eliminate intermediary-driven cut-off times.

(Source：CoinDesk)