State Street IM, Galaxy Digital, Launch Onchain Cash Management Solution

State Street Investment Management and Galaxy Digital’s asset management affiliate, have unveiled Sweep, a tokenised private liquidity fund designed to enable 24/7 onchain cash management via a stablecoin.

The solution will allow investors to use PayPal USD stablecoins for subscriptions and redemptions, subject to portfolio availability, and is available to qualified purchasers that meet certain eligibility criteria and minimum investment amounts. Galaxy Digital provides the tokenisation technology and digital infrastructure supporting the issuance and management of Sweep tokens and the fund is built to allow stablecoin holders to sweep their stablecoin into a yield bearing asset.

The solution launches on the Solana blockchain, and the firms say additional blockchain integrations are planned, including Stellar and Ethereum. Anchorage serves as the fund’s digital custodian for stablecoin investments, NAV Consulting serves as transfer agent, and Galaxy is leveraging Chainlink NAVLink to publish the fund’s daily NAV onchain and Chainlink CCIP for secure cross-chain interoperability.

Yie-Hsin Hung, president and CEO of State Street Investment Management, says, “This fund allows us to bring the TradFi landscape onchain in a resilient way”, while Mike Novogratz, founder and CEO of Galaxy Digital adds, “For years we’ve argued that traditional finance and crypto would converge on the same rails. We believe Sweep is what that looks like in practice, with a fund managed by an experienced cash manager being available for investors onchain, on infrastructure Galaxy built for institutions.”