State Street launches tokenized MMF on Solana with Galaxy Digital

State Street launches tokenized MMF (money market fund) SWEEP on Solana with Galaxy Digital

State Street Investment Management and Galaxy Digital today announced the launch of SWEEP (State Street Galaxy Onchain Liquidity Sweep Fund), a tokenized private liquidity fund designed to enable 24/7 onchain cash management via stablecoin.

➡️ Why this matters

This launch represents one of the most institutionally comprehensive tokenized fund stacks assembled to date:

- Galaxy's Digital Infrastructure provides tokenization technology supporting issuance and lifecycle management of SWEEP

- Anchorage Digital will serve as digital custodian

- Nav Consulting LLC will serve as transfer agent

- Chainlink Labs NAVLink will provides daily NAV data onchain 

➡️ What this unlocks

As stablecoin adoption accelerates, SWEEP is designed to support 24/7 programmatic liquidity and cash management infrastructure for onchain dollar ecosystems with the standards expected for institutional cash management standards.

Equally importantly, this operating stack likely serves as the component structure for State Street’s broader tokenized fund servicing model as its institutional tokenized fund servicing platform comes online later this year (https://lnkd.in/eymFBVQ6)

This is a milestone launch for State Street and an early look at the digital fund infrastructure stack that may underpin scalable institutional fund tokenization.

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