Editorial illustration of institutional cash-management rails moving onchain through a tokenized fund.

State Street and Galaxy Launch Tokenized Cash Management Fund on Solana

By Isaac • May 5, 2026 11:45 am • Comments

State Street Investment Management and Galaxy Asset Management launched SWEEP on Tuesday, a tokenized private liquidity fund built for around-the-clock onchain cash management through stablecoins. The fund is live on Solana, with Stellar and Ethereum integrations planned.

State Street reported over $5 trillion in assets managed as of March 31, 2026. That makes SWEEP one of the largest traditional asset managers’ first direct deployments of cash-management infrastructure onto a public blockchain.

The fund lets qualified purchasers sweep stablecoin holdings into a yield-bearing asset. Subscriptions and redemptions can be made in PayPal USD (PYUSD), subject to portfolio availability.

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Galaxy is providing the tokenization technology and digital infrastructure powering the SWEEP tokens. The rest of the operating stack reads like a roster of institutional crypto plumbing.

Business Wire carried the full launch details:

Business Wire launch release via StockTitan said State Street Investment Management and Galaxy Asset Management announced the launch of SWEEP, the State Street Galaxy Onchain Liquidity Sweep Fund, as a tokenized private liquidity fund for 24/7 onchain cash management through stablecoins. SWEEP launches on Solana, with additional integrations planned for Stellar and Ethereum. It is designed to let stablecoin holders sweep stablecoin into a yield-bearing asset, with PayPal USD subscriptions and redemptions available subject to portfolio availability. The operating stack includes Anchorage as digital custodian for stablecoin investments, NAV Consulting as transfer agent, Chainlink NAVLink for daily onchain NAV publication, Chainlink CCIP for cross-chain interoperability, and State Street Bank and Trust Company as custodian for securities holdings. State Street Investment Management reported over $5 trillion in assets managed as of March 31, 2026, including ETF AUM. The fund is available to qualified purchasers, with minimum initial subscriptions of $5 million for entities and $1 million for individual or natural-person investors. The release stresses that the fund is private, carries investment risk, is not FDIC insured, and is not a bank guarantee.

The Chainlink integration gives the fund a useful transparency layer. NAVLink publishes the fund’s net asset value onchain daily, giving holders transparent pricing without waiting on legacy custodial reporting cycles. CCIP handles cross-chain interoperability, which will matter as SWEEP expands beyond Solana to Stellar and Ethereum.

Mike Novogratz’s framing is direct. Galaxy built the institutional rails. State Street is running a fund on them. The thesis that traditional finance and crypto infrastructure would converge has a concrete product attached to it now.

Minimum tickets are steep: $5 million for entities, $1 million for individuals. This is a qualified-purchaser product, firmly institutional. Retail access is not part of the picture. The fund carries real investment risk and no government insurance backstop.

The multi-chain roadmap is already confirmed. Stellar posted about the planned integration on the same day as the launch.

SWEEP is live, the stack is institutional-grade, and the multi-chain expansion is already in motion. For crypto markets, the signal is straightforward: a $5 trillion asset manager chose public blockchains over private ledgers for cash-management plumbing, and that decision is now shipping product.

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