State Street and Galaxy launch fund on Solana designed to ‘sweep’ stablecoins into productive vehicle
The Block
State Street and Galaxy launched the SWEEP fund on Solana, allowing investors to convert stablecoins into yield-bearing, tokenized assets for cash management.Summary
State Street and Galaxy have introduced the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenized investment vehicle designed to enable 24/7 onchain cash management. The fund allows qualified purchasers to convert stablecoins into yield-bearing assets, initially launching on Solana with plans to expand to Stellar and Ethereum. Utilizing infrastructure from Galaxy, Anchorage, and Chainlink, the initiative represents a growing trend of major financial institutions bringing traditional asset management techniques onto blockchain rails to compete with existing products like BlackRock’s BUIDL.
(Source：The Block)