.jpg)
State Street and Galaxy launch SWEEP
06 May 2026 US
Image: Lubo_Ivanko/stock.adobe.com
State Street Investment Management and Galaxy Asset Management have launched the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenised private liquidity fund.
SWEEP is designed to enable 24/7 onchain cash management through stablecoins, subject to their availability in the fund’s portfolio, with stablecoin holders able to sweep the digital currency into a yield-bearing asset.
Galaxy’s tokenisation capabilities and digital infrastructure will support the issuance and management of SWEEP tokens.
Anchorage will serve as the fund’s digital custodian for stablecoin investments, with NAV Consulting as the transfer agent, and Galaxy leveraging Chainlink NAVLink to publish SWEEP’s daily net asset value (NAV) onchain.
Chainlink CCIP is used for cross-chain interoperability, and State Street Bank and Trust Company is the fund’s custodian for securities holdings.
State Street says the launch is indicative of its digital strategy, offering onchain investment solutions and round-the-clock programmatic trading and liquidity for cash management.
Commenting on the launch, Yie-Hsin Hung, president and CEO of State Street Investment Management, says: “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.”
Mike Novogratz, founder and CEO of Galaxy, adds: “For years, we've argued that traditional finance and crypto would converge on the same rails.
“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.”
SWEEP launches on Solana, with plans for future additional blockchain integrations, including Stellar and Ethereum.
SWEEP is designed to enable 24/7 onchain cash management through stablecoins, subject to their availability in the fund’s portfolio, with stablecoin holders able to sweep the digital currency into a yield-bearing asset.
Galaxy’s tokenisation capabilities and digital infrastructure will support the issuance and management of SWEEP tokens.
Anchorage will serve as the fund’s digital custodian for stablecoin investments, with NAV Consulting as the transfer agent, and Galaxy leveraging Chainlink NAVLink to publish SWEEP’s daily net asset value (NAV) onchain.
Chainlink CCIP is used for cross-chain interoperability, and State Street Bank and Trust Company is the fund’s custodian for securities holdings.
State Street says the launch is indicative of its digital strategy, offering onchain investment solutions and round-the-clock programmatic trading and liquidity for cash management.
Commenting on the launch, Yie-Hsin Hung, president and CEO of State Street Investment Management, says: “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.”
Mike Novogratz, founder and CEO of Galaxy, adds: “For years, we've argued that traditional finance and crypto would converge on the same rails.
“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.”
SWEEP launches on Solana, with plans for future additional blockchain integrations, including Stellar and Ethereum.
← Previous issuance and tokenisation article
Ondo Finance completes pilot redemption of tokenised US Treasury fund
Ondo Finance completes pilot redemption of tokenised US Treasury fund
Next issuance and tokenisation article →
Broadridge’s DLR platform reaches US$368 billion ADV for April
Broadridge’s DLR platform reaches US$368 billion ADV for April
NO FEE, NO RISK
100% ON RETURNS If you invest in only one digital assets news source this year, make sure it is your free subscription to The Digital Assets Edge
100% ON RETURNS If you invest in only one digital assets news source this year, make sure it is your free subscription to The Digital Assets Edge
