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State Street and Galaxy Launch SWEEP Fund on Solana With $200M From Ondo Finance

GateNews
solana newsProject ProgressPartnerships & Ecosystem
SOL-5.24%
ONDO-9%
XLM-4.38%
ETH-3.33%

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 that converts stablecoins into yield-bearing assets for 24/7 onchain cash management.

The fund initially launches on Solana with plans to expand to Stellar and Ethereum. SWEEP uses Galaxy’s tokenization infrastructure, Anchorage as digital custodian, and Chainlink for onchain NAV and cross-chain messaging. It supports subscriptions and redemptions with PayPal USD. Ondo Finance’s flagship OUSG fund serves as the lead anchor investor with a reported $200 million commitment.

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