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State Street and Galaxy Launch SWEEP Fund on Solana, Ondo Finance Commits $200M

GateNews
solana newsProject ProgressPartnerships & Ecosystemethereum news
SOL-3.81%
ONDO-2.23%
XLM-2.4%
ETH-2.24%

According to a BusinessWire announcement on Tuesday, State Street and Galaxy launched the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenized investment vehicle designed to convert stablecoins into yield-bearing assets for 24/7 onchain cash management. The fund launched on Solana with plans to expand to Stellar and Ethereum, utilizing Galaxy’s tokenization infrastructure, Anchorage as digital custodian, and Chainlink for onchain NAV. SWEEP supports subscriptions and redemptions in PayPal USD. Ondo Finance’s flagship OUSG fund serves as the lead anchor investor, reportedly committing $200 million to the fund.

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