State Street and Galaxy launch Solana-based SWEEP tokenized cash fund with $200M anchor from Ondo

first published 2026-05-05T13:07:01Z

State Street Investment Management and Galaxy Asset Management launched the State Street Galaxy Onchain Liquidity Sweep Fund (ticker: SWEEP), a tokenized fund that allows qualified institutional investors to park stablecoins to earn yield while enabling 24/7 on‑chain mobility. The fund initially launches on Solana (SOL) with plans to add Ethereum (ETH) and Stellar (XLM). Galaxy handles tokenization, Anchorage provides custody of digital assets, and State Street oversees traditional securities. Access is limited to large, qualified investors and the product is positioned alongside other institutional tokenized cash‑management efforts (e.g., BlackRock’s BUIDL).

AI Analysis

Positive but modest: the product brings institutional cash‑management and stablecoin liquidity on‑chain (creates 24/7 stablecoin parking to earn yield) and launches initially on Solana with plans for Ethereum and Stellar, which is constructive for on‑chain liquidity. Impact is limited because access is constrained to large, qualified institutional investors and is positioned as an institutional product rather than an immediately market‑wide retail flow.

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