State Street and Galaxy Asset Management mark a significant step in blockchain-based cash management with their new tokenised liquidity fund, aiming to enable near-instant, continuous settlement for institutional investors.
State Street Investment Management and Galaxy Asset Management have launched a tokenised liquidity fund aimed at moving cash management further into blockchain-based markets, in a sign that some of the industry’s biggest firms are continuing to test how far traditional finance can be rebuilt for around-the-clock settlement.
The State Street Galaxy Onchain Liquidity Sweep Fund, known by the ticker SWEEP, is designed to give institutional investors a way to hold stablecoins in a vehicle that can earn yield while remaining available for rapid subscription and redemption. According to the firms, the structure is intended to operate continuously, rather than being confined to the trading hours that govern conventional money market products.
The launch places the pair alongside a growing list of managers building tokenised cash and Treasury products for digital asset markets. BlackRock’s BUIDL has already drawn significant inflows by packaging short-term U.S. government exposure in blockchain form, while Franklin Templeton has also pushed into the same area. The common thread is clear: large investors are increasingly willing to use tokenised versions of familiar instruments if the mechanics are robust enough.
SWEEP is launching on Solana, with plans to extend to Ethereum and Stellar. Galaxy is providing the tokenisation infrastructure, Anchorage Digital is handling custody of digital assets, and State Street is overseeing the traditional securities held in the portfolio. The firms said the fund is a private liquidity product and that access is limited to qualified institutional investors.
The move reflects a broader effort by major financial groups to modernise market plumbing. In practice, moving cash between funds or accounts still often involves cut-off times, intermediaries and delays. Blockchain systems promise a different model: near-instant transfer, continuous availability and a more direct link between cash-like assets and digital markets.
State Street, which manages more than $5 trillion, has been steadily expanding its digital asset ambitions, while Galaxy has been building infrastructure to connect crypto markets with institutional finance. The two firms have worked together on digital investment products since 2024, and SWEEP deepens that relationship.
According to Galaxy’s announcement, the fund is intended to serve investors who want cash management that is native to digital asset markets. For now, though, the product remains aimed squarely at large institutions, underscoring that the shift to onchain finance is still being led by professional investors rather than the retail market.
- https://www.coindesk.com/markets/2026/05/05/state-street-and-galaxy-launch-tokenized-fund-to-bring-cash-management-onchain – Please view link – unable to able to access data
- https://am.galaxy.com/galaxy-state-street-sweep-fund/ – The State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP) is a tokenized liquidity strategy designed to pair short-duration U.S. Treasury exposure with a format built for 24/7 markets, operational flexibility, and onchain usability. Built for investors who want cash management that works natively in digital asset markets, SWEEP is designed to be tokenized liquidity built for crypto.
- https://investors.statestreet.com/investor-news-events/press-releases/news-details/2026/State-Street-Investment-Management-and-Galaxy-Digital-Bring-Cash-Management-Onchain/default.aspx – State Street Investment Management and Galaxy Asset Management, an affiliate of Galaxy Digital Inc. (NASDAQ: GLXY), today announced the launch of the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenized private liquidity fund designed to enable 24/7 onchain cash management via stablecoin, subject to availability of stablecoin in the fund’s portfolio.
- https://crypto-economy.com/state-street-and-galaxy-launch-tokenized-fund/ – State Street Investment Management and Galaxy Asset Management have launched the State Street Galaxy Onchain Liquidity Sweep Fund, or SWEEP, pushing cash management further into blockchain rails without pretending the transition is frictionless. The tokenized private liquidity fund is designed to support 24/7 onchain cash management through stablecoins, subject to stablecoin availability in the portfolio.
- https://marketchameleon.com/articles/b/2026/5/5/state-street-galaxy-digital-tokenized-cash-management-sweep-fund – State Street Investment Management and Galaxy Asset Management, the asset management arm of Galaxy Digital (NASDAQ: GLXY), have jointly launched the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP)—a tokenized private liquidity fund that aims to provide institutional investors with seamless, 24/7 access to onchain cash and yield management powered by stablecoins.
- https://www.blockhead.co/2025/12/12/state-street-galaxy-launch-tokenized-liquidity-fund-with-200m-ondo-investment/ – State Street Investment Management and Galaxy Asset Management have partnered to launch a tokenized private liquidity fund expected to receive approximately $200 million in seed investment from Ondo Finance, the firms announced Wednesday. The State Street Galaxy Onchain Liquidity Sweep Fund, or SWEEP, will provide qualified purchasers with access to onchain liquidity management using PYUSD stablecoins for subscriptions and redemptions.
- https://crypto-economy.com/state-street-galaxy-plan-tokenized-cash-sweep-fund/ – State Street Investment Management and Galaxy Asset Management said on Dec. 10 they will launch the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenized private liquidity fund that uses PYUSD stablecoin for subscriptions and redemptions and targets 24/7 onchain cash management, according to a State Street press release.
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The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The article reports on the launch of the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP) on May 5, 2026. This is the first known publication of this specific event, indicating high freshness. ([investors.statestreet.com](https://investors.statestreet.com/investor-news-events/press-releases/news-details/2026/State-Street-Investment-Management-and-Galaxy-Digital-Bring-Cash-Management-Onchain/default.aspx?utm_source=openai))
Quotes check
Score:
10
Notes:
The article includes direct quotes from Yie-Hsin Hung, CEO of State Street Investment Management, and Mike Novogratz, CEO of Galaxy Digital. These quotes are consistent with those found in the official press release dated May 5, 2026, confirming their authenticity. ([investors.statestreet.com](https://investors.statestreet.com/investor-news-events/press-releases/news-details/2026/State-Street-Investment-Management-and-Galaxy-Digital-Bring-Cash-Management-Onchain/default.aspx?utm_source=openai))
Source reliability
Score:
10
Notes:
The article originates from CoinDesk, a reputable financial news outlet known for its coverage of cryptocurrency and blockchain developments. The information aligns with details from the official press release issued by State Street and Galaxy Digital. ([investors.statestreet.com](https://investors.statestreet.com/investor-news-events/press-releases/news-details/2026/State-Street-Investment-Management-and-Galaxy-Digital-Bring-Cash-Management-Onchain/default.aspx?utm_source=openai))
Plausibility check
Score:
10
Notes:
The claims about the launch of SWEEP, a tokenized liquidity fund, are plausible and consistent with previous announcements from State Street and Galaxy Digital. The fund’s features, such as 24/7 onchain cash management and integration with Solana, are in line with industry trends towards blockchain adoption in financial services. ([investors.statestreet.com](https://investors.statestreet.com/investor-news-events/press-releases/news-details/2026/State-Street-Investment-Management-and-Galaxy-Digital-Bring-Cash-Management-Onchain/default.aspx?utm_source=openai))
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The article provides accurate and timely information about the launch of the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP). All claims are supported by reliable sources, including the official press release and coverage from reputable financial news outlets. No significant concerns were identified in the fact-checking process.