State Street Investment Management, Galaxy Asset Management, and Ondo Finance have formed a collaboration for a tokenized on-chain liquidity fund named the State Street Galaxy Onchain Liquidity Sweep Fund, or SWEEP.
SWEEP uses PYUSD to enable nearly instant flows whenever the fund holds liquid assets. Only Qualified Purchasers meeting regulatory requirements can access the fund.
State Street Bank and Trust Company acts as custodian, Galaxy brings digital tokenization infrastructure, and Ondo provides anchor capital.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
Remittance Explained: Will This Newcomer Change the Game? (ANIMATED)
Launch is set for Solana
Solana’s appeal for this fund lies in its established environment for assets and high-speed transfers. By starting on Solana, SWEEP addresses user demand for rapid and low-fee transactions.
Kim Hochfeld, global head of cash and digital assets at State Street, stated:
By partnering with Galaxy, we will push the envelope together and drive the evolution of the TradFi landscape on-chain.
Hochfeld noted that this joint effort demonstrates a developing connection between established finance and crypto.
Additionally, Ian De Bode, president of Ondo Finance, commented:
Tokenization is rapidly becoming the connective tissue between traditional finance and the on-chain economy.
He explained that Ondo’s initial participation provides stability for SWEEP and also helps scale its fund, which gives institutions access to US Treasuries through instant minting and redemptions.
Recently, Taurus, a company under FINMA regulatory oversight in Switzerland, announced a partnership bringing Everstake’s validator system together with the Taurus‑PROTECT custody platform. What is the goal of the partnership? Read the full story.
