Galaxy and State Street Bank launch SWEEP, a tokenized cash management fund on the Solana blockchain.

According to CoinDesk, Galaxy Digital and State Street have jointly launched the tokenized fund "State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP)," migrating cash management and yield products to the blockchain network to achieve 24/7 on-chain liquidity management. This product allows institutional investors to allocate stablecoins into the fund, earning returns while maintaining the ability to redeem at any time, breaking through the trading hours limitations 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 institutions exploring on-chain cash management. Previously, BlackRock's BUIDL fund validated institutional demand for tokenized US Treasury products, driving continuous inflows of funds into on-chain fixed-income assets. State Street currently manages over $5 trillion in assets, and this move is seen as a significant step in its comprehensive tokenization of traditional financial products, also marking the gradual extension of on-chain financial infrastructure into the institutional-grade cash management field.