State Street and Galaxy are bringing institutional cash management on-chain. Their new tokenized liquidity fund, SWEEP, is set to launch on Solana in early 2026, using PYUSD stablecoins for 24/7 investor flows.
Fund Highlights
- Access: Only Qualified Purchasers meeting set thresholds can participate.
- Seeding: Ondo Finance has committed $200 million to kickstart the fund.
- Multi-Chain Plans: SWEEP will launch on Solana, with Stellar (XLM) and Ethereum (ETH) integration planned.
- Technology: Galaxy will use Chainlink tools to move assets and data across chains.
SWEEP (State Street Galaxy Onchain Liquidity Sweep Fund) is a tokenized private liquidity fund on Solana, utilizing PYUSD by @PayPal for subscriptions and redemptions.
The fund is anticipated to debut on Solana in early 2026.— Solana (@solana) December 11, 2025
Why It Matters
SWEEP is designed for institutions seeking cash-like assets on-chain without sacrificing liquidity. It reflects a broader trend of crypto and traditional finance convergence.
Kim Hochfeld, State Street’s head of cash and digital assets, calls it a shift in bank-crypto collaboration, while Ondo Finance’s Ian De Bode notes it as a leap forward in tokenization bridging TradFi and crypto.
The fund builds on prior collaborations between State Street and Galaxy, including digital-asset ETFs launched in 2024, and signals the growing institutional embrace of on-chain liquidity solutions.
