State Street, Galaxy launch SWEEP tokenized liquidity fund on Stellar

State Street Investment Management and Galaxy Asset Management have launched the State Street Galaxy Onchain Liquidity Sweep Fund, ticker SWEEP, a tokenized vehicle that lets qualified institutional investors park stablecoins in a yield-bearing fund backed primarily by short-duration US Treasury securities. Think of it as a money market fund that lives on a blockchain. Instead of wiring dollars through legacy plumbing during banking hours, institutions can subscribe and redeem in stablecoins around the clock. The fund initially launched on Solana, with plans to expand to Stellar and Ethereum. How SWEEP actually works Subscriptions and redemptions are available 24/7 in PYUSD, with USDC support planned for later. The fund is restricted to Qualified Purchasers, with a minimum investment of $5 million for entities and $1 million for individuals. Its target expense ratio sits at 0.50% per annum. Galaxy provides the infrastructure for SWEEP tokens themselves. The supporting cast includes Anchorage Digital for digital asset custody, State Street Bank and Trust Company handling traditional securities custodianship, NAV Consulting managing transfer agency services, and Chainlink delivering ...