PANews reported on May 5th that, according to CoinDesk, Galaxy Digital and State Street have jointly launched the tokenized fund "State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP)," migrating cash management and yield products to the blockchain network to achieve on-chain liquidity management that operates 24/7.

This product allows institutional investors to allocate stablecoins into the fund, maintaining the ability to subscribe and redeem at any time while earning returns, thus overcoming the trading session limitations of traditional money market funds. The fund is initially built on Solana and plans to expand to Ethereum and Stellar.

Galaxy is responsible for the tokenization infrastructure, Anchorage Digital provides custody services, and State Street manages the underlying traditional securities assets.

This launch continues the trend of institutions exploring on-chain cash management. Previously, BlackRock's BUIDL fund had validated institutional demand for tokenized US Treasury products, driving continuous inflows of funds into on-chain fixed-income assets. State Street currently manages over $5 trillion in assets, and this move is seen as an important step in its comprehensive tokenization of traditional financial products, while also marking the gradual extension of on-chain financial infrastructure into the field of institutional-grade cash management.