State Street and Galaxy to Launch Tokenized Liquidity Fund on Solana in 2026
- The SWEEP fund will accept subscriptions and redemptions in PYUSD, a stablecoin issued by PayPal.
- Ondo Finance has committed approximately $200 million to seed the product.
- The fund is expected to launch on the Solana blockchain, with plans to add support for Ethereum and Stellar.
- Only Qualified Purchasers will have access to the fund, which aims to provide cash-like assets onchain.
- Galaxy will utilize Chainlink tools for cross-chain data and asset movement.
This initiative marks a significant step in integrating traditional finance with blockchain technology, as highlighted by Kim Hochfeld from State Street. The SWEEP fund represents a convergence of institutional cash management with onchain capabilities.
With $200 million committed by Ondo Finance, the SWEEP fund aims to redefine liquidity management for institutions using stablecoins like PYUSD.(Source)
