State Street and Galaxy to Launch Tokenized Liquidity Fund on Solana (SOL) in 2026

State Street and Galaxy Asset Management announced plans to launch the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP) in early 2026, expanding institutional cash management onto public blockchains. The fund will initially operate on Solana and accept subscriptions and redemptions in PayPal's PYUSD stablecoin for Qualified Purchasers, provided assets are available. Ondo Finance has committed $200 million to seed the product. While launching on Solana, the firms intend to add Stellar and Ethereum later, utilizing Chainlink tools for cross-chain data and asset movement. The goal is to offer institutions a product that holds cash-like assets on-chain while maintaining the liquidity expected from traditional sweep products. Executives from both State Street and Ondo Finance highlighted the fund as a significant step in evolving the traditional finance (TradFi) landscape onto the blockchain.

(Source：CoinDesk)