State Street and Galaxy Launch Tokenized SWEEP Fund on Solana
The private liquidity fund accepts PYUSD and USDC subscriptions from eligible Qualified Purchasers and targets 24/7 onchain cash management.
State Street Investment Management and Galaxy Asset Management launched the State Street Galaxy Onchain Liquidity Sweep Fund, or SWEEP, on Solana to give eligible institutional investors an onchain vehicle for cash management and U.S. Treasury exposure.
The tokenized private liquidity fund accepts PYUSD and USDC for subscriptions at any time. Investors can also subscribe in U.S. dollars through Fedwire on business days. PYUSD redemptions are available 24/7, subject to portfolio availability, while U.S. dollar redemptions are available daily on business days.
SWEEP has a minimum investment of $5 million for entities and $1 million for individuals. Its total expense ratio is 0.50% of average daily net assets. Eligible holdings include U.S. Treasury bills, notes and bonds, Treasury-backed repurchase agreements, Treasury Inflation-Protected Securities, Treasury floating-rate notes, U.S. dollar deposits and stablecoins.
Galaxy provides the fund’s tokenization infrastructure. Anchorage handles digital custody for stablecoin investments, State Street Bank and Trust Company safeguards securities holdings, and Chainlink supports net asset value publication and cross-chain interoperability.
Stellar and Ethereum integrations are planned. SWEEP is not a money market fund registered with the Securities and Exchange Commission.
