State Street Investment Management and Galaxy Asset Management announced the joint launch of the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a private on-chain liquidity fund denominated and redeemed in the PYUSD stablecoin, which will provide accredited investors with a 24/7 on-chain cash management tool. Ondo Finance is expected to invest approximately $200 million in the fund as seed funding. SWEEP is planned to launch on Solana in early 2026, and will subsequently expand to Stellar and the Ethereum ecosystem. The fund will be custodied by State Street Bank and Trust Company, with Galaxy providing the underlying on-chain infrastructure and tokenization technology, and enabling cross-chain interoperability through Chainlink. State Street stated that the product combines its years of tokenization and cash management capabilities with Galaxy's technological advantages in Web3 infrastructure, aiming to provide institutional investors with a new on-chain cash management option. Galaxy claims that SWEEP will reshape how institutions manage liquidity in the DeFi ecosystem. Ian De Bode, President of Ondo Finance, stated that tokenization is gradually becoming a key link connecting TradFi and the Onchain economy. This collaboration will accelerate the development of institutional-grade on-chain financial systems and create synergies with Ondo's on-chain US Treasury products. (Businesswire)