State Street Investment Management and Galaxy Asset Management have introduced the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenized fund aimed at revolutionizing cash management through blockchain technology. This fund allows institutional investors to park stablecoins and earn yield, with the flexibility of 24/7 access, unlike traditional money market funds restricted to market hours. SWEEP operates on the Solana blockchain, with plans to expand to Ethereum and Stellar. Galaxy provides the tokenization system, Anchorage manages digital asset custody, and State Street oversees traditional securities. This initiative marks a significant step for State Street, which manages over $5 trillion in assets, towards offering tokenized investment products, while Galaxy continues to bridge crypto markets with institutional finance. Access is currently limited to qualified institutional investors, highlighting the focus on large-scale players in the shift to onchain finance.
State Street and Galaxy Launch Blockchain-Based Cash Management Fund
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