TechFlow, Dec 11 — According to CoinDesk, State Street Bank and Galaxy Asset Management announced plans to launch a tokenized liquidity fund called SWEEP (State Street Galaxy Onchain Liquidity Sweep Fund) in early 2026. The fund will use stablecoins for round-the-clock investor cash flows, expanding the use of public blockchains in institutional cash management.
The fund will initially launch on Solana, using PayPal's stablecoin PYUSD for subscriptions and redemptions, and will be available only to eligible qualified purchasers. Ondo Finance has committed approximately $200 million in seed capital for the product.
Galaxy plans to leverage Chainlink tools for cross-chain data and asset transfers, with future expansion to the Stellar and Ethereum networks. The fund aims to provide institutions that wish to hold cash-like assets on-chain with the liquidity characteristics of traditional sweep products.
