State Street and Galaxy Digital Launch Tokenized Liquidity Fund on Solana

State Street Investment Management and Galaxy Digital have partnered to launch a tokenized liquidity fund on the Solana blockchain, marking an important step towards modernizing how cash is managed.

The fund, called SWEEP, integrates core fund operations - subscriptions, redemptions, valuation, and reporting - onto blockchain infrastructure. This allows investors to move funds continuously instead of within traditional market hours.

SWEEP uses technology from Chainlink to publish daily net asset value data on-chain and enable interoperability across different blockchains. The fund also employs Anchorage Digital as custodian for stablecoin holdings and State Street Bank and Trust Company retains custody of traditional assets.