Galaxy and State Street Bank launch tokenized cash management fund SWEEP on the Solana chain
According to CoinDesk, Galaxy Digital and State Street have jointly launched the tokenized fund "State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP)," which migrates cash management and yield products to the blockchain network, achieving 24/7 on-chain liquidity management.
This product allows institutional investors to allocate stablecoins into the fund, maintaining redemption capabilities while earning yields, breaking through the trading hour restrictions of traditional money market funds. The fund is initially built on Solana and plans to expand to Ethereum and Stellar. Galaxy is responsible for the tokenization infrastructure, Anchorage Digital provides custody services, and State Street manages the underlying traditional securities assets.
This launch continues the trend of institutional exploration of on-chain cash management. Previously, BlackRock's BUIDL fund validated institutional demand for tokenized U.S. Treasury products, driving continuous capital inflow into on-chain fixed income assets. Currently, State Street manages over $5 trillion in assets, and this move is seen as an important step towards fully tokenizing traditional financial products, while also marking the gradual extension of on-chain financial infrastructure into the institutional cash management sector.
-- Price
This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.
You may also like

Privy Connects Crypto Wallets and Bank Accounts

OpenSea Adds Solana NFT Trading to OS2

ArbitrumDAO Income Reached $6.19 Million In H1

Bitmine Accumulates 5,901,112 ETH, Close to 5% of Total Supply

Backpack Adds Micron, SanDisk Shares as Margin Collateral

Solana Foundation Chair: Funds and Assets Entering a Token Supercycle

Remixpoint Sells All Altcoins, Focuses Portfolio on Bitcoin

GTA VI leaker reportedly cashes out $350K in crypto

Malware targets multichain crypto wallets on fake GTA 6 leak site

Solana's Nakamoto coefficient at 19, higher than Bitcoin and Ethereum

SOL Spot ETF Sees Daily Net Inflow of $10.19 Million

GMTrade Expands Perpetual Contracts for Gold and Silver on Solana

UK's National Crime Agency Freezes $13.6M of Premier League Money in Sorare Probe: Report

Polkadot Surpasses Major Networks with Nakamoto Coefficient of 169

DeFi Development prices $19.8M CHAD stock offering

Grok Allows Buying and Requesting Cryptocurrency Loans

Anza Removes Floating Point Operations from Solana Core Protocol to Reduce Consensus Risks

OpenSea Launches Solana NFT Trading Feature, Four Years After Initial Beta Release

Solana Transaction Fees Reach All-Time High, Validator Node Inflation Reduction Accelerates to 30%
Bitwise Solana ETF Surpasses $1 Billion in Assets Under Management

Zano's Sixth Hard Fork Launches, Supporting Non-Custodial Cross-Chain to Ethereum, Solana, and TON

Solana Crypto Partnership Achieves Record 169.9 Million Transactions

PayBox Launches Grok Payment Feature, Users Can Complete Transactions Through Conversation

HNT Rises Nearly 100% After Helium Wi-Fi Adoption in Celina

Fomo Enters Top Five Financial Apps in the U.S., Surpassing Cash App and Kalshi

Catapult Trade Secures Approximately $6.6 Million in Funding with Participation from KuCoin Ventures

Bitcoin Quantum Resistant Transaction Test and SHRINCS Signature Proposal

USD1 flows to Binance as Fireblocks wallet moves $30M

Solana Reduces Issuance by 18.9 Million SOL; BTC Quantum Experiment Underway








