State Street and Galaxy Launch SWEEP, Onchain Cash Management Fund on Solana

State Street and Galaxy Asset Management have launched the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP) a tokenized private liquidity fund designed to let stablecoin holders generate yield on their idle capital.

Deploying first on Solana, the fund enables investors to ‘sweep’ Paypal’s $PYSUD into a yield-bearing vehicle with 24/7 programmatic liquidity, compounding yield faster than traditional instruments.

SWEEP’s launch adds considerable momentum to Solana’s RWA market, the value of which has exploded from $215M to $2.5B within one year.

TradFi's Biggest Names Pick Solana First

First announced at Solana Breakpoint 2025, SWEEP is powered by Galaxy's Digital Infrastructure, which handles tokenization, token issuance, and ongoing management.

 

Anchorage has been named as the fund’s digital custodian for stablecoin holdings, while State Street Bank and Trust Company holds the securities side. SWEEP is open to Qualified Purchasers with minimum subscriptions of $5M for entities and $1 million for individuals, suggesting that SWEEP is geared firmly towards institutional players.

“State Street has played a leading role in market innovation for decades, from servicing mutual funds to launching ETFs, and we’re proud to continue that role as digital assets reshape market infrastructure. This fund allows us to bring the TradFi landscape onchain in a resilient way, guided by our long-standing focus on innovation, risk management and client outcomes.” - Yie-Hsin Hung, State Street Investment Management President and CEO

Chainlink's NAVLink publishes the fund's daily net asset value onchain, with Chainlink CCIP handling cross-chain interoperability as the product expands to other networks like Stellar and Ethereum.

Solana's RWA Sector Accelerates

State Street’s $SWEEP launch comes as Solana's RWA economy surges to new heights. In the space of one year, the total value of Solana’s RWA sector has enjoyed a tenfold increase, rising from $215M to $2.5B, based on rwa.xyz data. 

While the total size of Solana’s RWA sector still falls short of Ethereum, onchain data indicates that RWAs on the network enjoy the industry’s highest utilization rates.

According to Blockworks data, Solana now accounts for 58% of deposits in dedicated RWA lending platforms, demonstrating a commanding lead over Ethereum. Additionally, 43.7% of Solana’s active RWA market cap is utilized within DeFi, a figure dramatically higher than Ethereum’s 6.1%.

Private credit remains the most popular asset class, representing 37% of all RWA lending across various chains.

SWEEP is not the first collaboration between the two firms. Back in September 2024, State Street launched three actively managed ETFs sub-advised by Galaxy, focused on digital assets and disruptive technologies.

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