Financial giant State Street and Galaxy have launched the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP) — a tool for 24/7 liquidity management using stablecoins.
The total market value of stablecoins has exceeded $300 billion, with a 0.22% increase over the past 30 days.
The fund operates on Solana; plans include support for Stellar and Ethereum. Galaxy provided the technological foundation for tokenization.
Investors can use the stablecoin PYUSD for subscribing to and redeeming fund shares. The tool is available to qualified investors. According to RWA.xyz, PayPal’s stablecoin capitalization stands at $2.7 billion.
The project’s infrastructure includes solutions from Chainlink for publishing net asset values and cross-chain interactions. State Street Bank acts as the custodian of securities, while Anchorage handles the custody of digital assets.
State Street representatives described the launch as a significant step in the company’s strategy to implement blockchain solutions for institutional clients.
Galaxy’s CEO, Mike Novogratz, added that SWEEP is a practical example of the convergence of traditional finance and cryptocurrency.
Back in September 2025, Galaxy tokenized its own GLXY shares on Solana, partnering with Superstate for the initiative.
In December, JPMorgan issued tokenized commercial papers worth $50 million on the “people’s cryptocurrency” network for Novogratz’s company.