State Street Investment Management and Galaxy Asset Management have formally launched their onchain liquidity sweep fund, SWEEP, bringing a previously announced tokenised cash‑management product into live operation on Solana.
The go‑live marks one of the first institutional sweep vehicles to function natively on a public blockchain, signalling that tokenised cash management is beginning to move from roadmap to production. While the fund was first unveiled in December, its launch comes as institutions step up demand for programmable liquidity and 24/7 treasury operations — a shift Galaxy’s Mike Novogratz has argued will accelerate as tokenised assets “go mainstream”.
The State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP) allows institutional investors to sweep stablecoin balances into a yield‑bearing asset, subject to stablecoin availability in the portfolio. Integrations with Stellar and Ethereum are planned following the Solana launch.
Yie‑Hsin Hung, president and CEO of State Street Investment Management, said the fund extends the firm’s long record of market innovation.
“State Street has played a leading role in market innovation for decades, from servicing mutual funds to launching ETFs, and we’re proud to continue that role as digital assets reshape market infrastructure,” she said.
“This fund allows us to bring the TradFi landscape onchain in a resilient way, guided by our long-standing focus on innovation, risk management and client outcomes.”
Galaxy provides the tokenisation technology and digital infrastructure supporting SWEEP’s issuance and management. Anchorage serves as digital custodian for stablecoin investments, NAV Consulting as transfer agent, and State Street Bank and Trust Company as custodian for securities. The fund uses Chainlink NAVLink to publish daily NAV onchain and Chainlink CCIP for secure cross‑chain interoperability.
Mike Novogratz, founder and CEO of Galaxy, said the launch shows how traditional and digital finance are beginning to share the same rails.
“For years we’ve argued that traditional finance and crypto would converge on the same rails,” he said.
“We believe SWEEP is what that looks like in practice, with a fund managed by an experienced cash manager being available for investors onchain, on infrastructure Galaxy built for institutions.”
His comments echo remarks he made at Abu Dhabi Finance Week, telling Wall Street firms to prepare for tokenised assets to “go mainstream” as tokenised cash, funds and collateral begin to move programmatically across markets.
Announced in December 2025, SWEEP accepts PayPal USD (PYUSD) for subscriptions and redemptions, subject to portfolio availability, and is open to Qualified Purchasers meeting minimum investment thresholds.
The launch also deepens the firms’ existing relationship. In 2024, State Street Investment Management rolled out three actively managed ETFs sub‑advised by Galaxy, focused on digital assets and disruptive technologies.
See also: State Street cites digital assets as core 2026 growth priority
