State Street Investment Management and Galaxy Asset Management have introduced the State Street Galaxy Onchain Liquidity Sweep Fund, known as SWEEP. This tokenized vehicle allows qualified institutional investors to allocate stablecoins into a fund backed by short-duration US Treasury securities.
The fund offers 24/7 subscription and redemption capabilities using PYUSD, with plans to add support for USDC. Participation is limited to Qualified Purchasers, requiring a minimum investment of $5 million for entities and $1 million for individuals. The target annual expense ratio is 0.50%.
Infrastructure for the SWEEP tokens is provided by Galaxy. Other service providers include Anchorage Digital for digital asset custody, State Street Bank and Trust Company for traditional securities, NAV Consulting for transfer agency services, and Chainlink for cross-chain data and messaging.
The fund launched on the Solana blockchain, with future expansions planned for Stellar and Ethereum. This collaboration follows a partnership announced in December 2025 and previous joint work on digital asset ETFs in 2024.
