State Street and Galaxy have launched SWEEP, an onchain cash management fund on Solana. Here is what the move signals for tokenized finance and Solana-based asset rails.
State Street and Galaxy have launched SWEEP, an onchain cash management fund on Solana. Here is what the move signals for tokenized finance and Solana-based asset rails.
State Street and Galaxy Digital have launched SWEEP, an onchain cash management fund built on Solana, marking a significant step by two major financial players into blockchain-based treasury infrastructure.
What to Know
The partnership between State Street Investment Management and Galaxy Digital targets a specific gap in digital asset markets: institutional cash management. State Street’s announcement confirmed the two firms are bringing cash management onchain through SWEEP, a fund designed to give institutional participants access to treasury-style operations using blockchain rails.
The collaboration builds on an earlier partnership announced in December 2025, when the two firms revealed plans to tokenize a private liquidity fund with a planned seed investment from Ondo Finance. SWEEP appears to be the next phase of that broader tokenization effort.
The fund is structured as an onchain cash management vehicle, handling short-term liquidity and treasury functions natively on a blockchain rather than through traditional custodial systems. This distinguishes it from tokenized securities that simply represent offchain assets, as the operational layer itself runs onchain.
State Street is one of the largest asset managers and custodians in traditional finance. Galaxy Digital is a prominent digital asset financial services firm. Their joint decision to build a cash management product onchain signals that institutional interest in tokenization has moved beyond pilot programs and into live deployment.
Onchain cash management addresses a practical need for institutions operating in digital asset markets. Rather than moving funds offchain for treasury operations, a product like SWEEP allows capital to remain within blockchain infrastructure while maintaining liquidity. The approach aligns with broader growth in tokenized real-world assets across multiple chains.
The move also follows a broader wave of institutional entries into crypto infrastructure. Firms like Andreessen Horowitz have launched multi-billion dollar crypto funds, while State Street and Galaxy themselves previously launched a Solana-focused fund designed to put stablecoins to work. SWEEP extends that trajectory into active treasury management.
The decision to launch SWEEP on Solana reflects a deliberate infrastructure choice. Solana’s high throughput and low transaction costs make it suitable for frequent, low-value operations that cash management requires, where settlement speed and cost efficiency matter more than the deep DeFi composability found on Ethereum.
Solana has been attracting institutional attention beyond trading and DeFi. Initiatives like Google Cloud’s AI agent payments service built on Solana demonstrate a widening range of enterprise use cases for the network.
The SWEEP launch positions Solana as a viable settlement layer for institutional-grade financial products. Whether this translates into broader institutional adoption of Solana-based infrastructure will depend on execution, but the State Street and Galaxy partnership lends credibility to the network’s ambitions in traditional finance.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
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