Key Takeaways
- • State Street Investment Management's Galaxy Onchain Liquidity Sweep Fund (SWEEP) is now live on the Stellar network, offering eligible investors 24/7 onchain cash management via stablecoin.
- • SWEEP is issued as a tokenized private liquidity fund through a Stellar smart contract using the network's native authorization, freeze, and clawback controls.
- • The fund runs on a multi-vendor institutional stack: Galaxy (tokenization and distribution), Anchorage (custody), Chainlink (pricing and reserve data), NAV Consulting (transfer agent), and State Street Bank and Trust Company (securities custody).
- • SWEEP is a private placement limited to Qualified Purchasers meeting eligibility criteria and minimum investment amounts.
Summary
State Street Investment Management, the asset management arm of State Street Corporation (NYSE: STT), has launched the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP) on the Stellar network. The fund was tokenized by Galaxy and is positioned as a liquid, onchain cash management option for eligible investors.
SWEEP is designed as a tokenized private liquidity fund enabling 24/7 cash management via stablecoin, subject to stablecoin availability in the fund's portfolio. Eligible investors can subscribe and redeem in certain stablecoins at any hour, avoiding conventional banking hours and settlement windows. On Stellar, the fund is issued through a smart contract that uses the network's native issuer controls for authorization, freeze, and clawback.
The fund operates on what the sponsors describe as an open institutional stack. Galaxy provides tokenization technology and distribution, Anchorage provides digital asset custody, Chainlink supports fund pricing and reserve data, NAV Consulting acts as transfer agent, and State Street Bank and Trust Company holds the fund's securities. The announcement emphasizes that no single vendor owns the infrastructure.
Stellar Development Foundation CEO and Executive Director Denelle Dixon said that cash management is moving onchain where infrastructure has proven reliable, citing more than a decade of production operation at 99.99% uptime. She noted that SWEEP brings one of the world's largest money market fund issuers to the network.
Access is restricted to Qualified Purchasers meeting certain eligibility criteria and minimum investment thresholds, as the offering is a private placement. The announcement did not disclose fund size or specific minimum investment amounts.
SWEEP is designed as a tokenized private liquidity fund enabling 24/7 cash management via stablecoin, subject to stablecoin availability in the fund's portfolio. Eligible investors can subscribe and redeem in certain stablecoins at any hour, avoiding conventional banking hours and settlement windows. On Stellar, the fund is issued through a smart contract that uses the network's native issuer controls for authorization, freeze, and clawback.
The fund operates on what the sponsors describe as an open institutional stack. Galaxy provides tokenization technology and distribution, Anchorage provides digital asset custody, Chainlink supports fund pricing and reserve data, NAV Consulting acts as transfer agent, and State Street Bank and Trust Company holds the fund's securities. The announcement emphasizes that no single vendor owns the infrastructure.
Stellar Development Foundation CEO and Executive Director Denelle Dixon said that cash management is moving onchain where infrastructure has proven reliable, citing more than a decade of production operation at 99.99% uptime. She noted that SWEEP brings one of the world's largest money market fund issuers to the network.
Access is restricted to Qualified Purchasers meeting certain eligibility criteria and minimum investment thresholds, as the offering is a private placement. The announcement did not disclose fund size or specific minimum investment amounts.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.