Galaxy and State Street launch Solana-based tokenized cash fund

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CryptoWorld News reports that, according to CoinDesk, Galaxy and State Street have launched Sweep, a “Tokenized Private Liquidity Fund,” aimed at migrating traditional cash and liquidity management products to the public blockchain. State Street Investment Management will oversee a portfolio of short-term investment-grade securities, similar to a money market fund, while Galaxy is responsible for issuing and managing fund shares on Solana. The product is expected to launch with approximately $200 million in Anchor investments from Ondo Finance, whose OUSG Tokenized Treasury Fund will utilize Sweep to diversify reserves and access on-chain liquidity. State Street Bank will serve as custodian for traditional securities, with Anchorage Digital providing custody for digital tokens, creating a full-stack link between off-chain assets and on-chain representations. Sweep is chosen to be issued on Solana due to its high throughput and low transaction costs, with plans to deploy on Ethereum and Stellar in the future to meet clients’ on-chain activity needs.

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