Financial giant State Street and Galaxy have launched the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tool for 24/7 liquidity management using stablecoins.
The product operates on Solana, with plans to support Stellar and Ethereum in the future. Galaxy provided the technological foundation for tokenization.
Investors can use the stablecoin PYUSD to subscribe to and redeem shares of the fund. The tool is available to qualified investors. According to RWA.xyz, the market capitalization of PayPal's "stablecoin" stands at $2.7 billion.
Source: RWA.xyz.The project's infrastructure includes solutions from Chainlink for publishing net asset values and enabling cross-chain interactions. State Street Bank acts as the securities custodian, while Anchorage handles the storage of digital assets.
Representatives from State Street described the launch as a significant milestone in the company's strategy to implement blockchain solutions for institutional clients.
Galaxy CEO Mike Novogratz added that SWEEP is a practical example of the convergence of traditional finance and cryptocurrency.
The total market value of "stablecoins" has surpassed $300 billion, with a 0.22% increase over the past 30 days.
Source: RWA.xyz.Recall that in September 2025, Galaxy tokenized its own GLXY shares on Solana, partnering with Superstate for this initiative.
In December, JPMorgan issued tokenized commercial paper worth $50 million on the network of the "people's cryptocurrency" for Novogratz's company.