State Street and Galaxy launch a new tokenized fund on Solana for liquidity management using stablecoins.
State Street and Galaxy have unveiled the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), designed for continuous liquidity management utilizing stablecoins.
This fund operates on the Solana blockchain, with future plans to extend support to Stellar and Ethereum. Galaxy has provided the necessary technology for tokenization.
Investors can subscribe to and redeem shares of the fund using the stablecoin PYUSD, which boasts a market capitalization of approximately $2.7 billion, according to RWA.xyz. The fund is accessible exclusively to qualified investors.
To enhance its infrastructure, the project integrates Chainlink solutions for publishing net asset values and facilitating cross-chain interactions. State Street Bank is responsible for securities custody, while Anchorage manages the digital asset storage.
State Street representatives emphasized that this launch marks a pivotal step in their strategy to leverage blockchain technology for institutional clients. Galaxy's CEO, Mike Novogratz, noted that SWEEP exemplifies the integration of traditional finance and cryptocurrency.
The overall market capitalization of stablecoins has surpassed $300 billion, reflecting a slight increase of 0.22% over the last month, as reported by RWA.xyz. Notably, in September 2025, Galaxy tokenized its GLXY shares on Solana in collaboration with Superstate, and in December, JPMorgan issued $50 million in tokenized commercial paper on the same blockchain for Galaxy.
