New Onchain Sweep Vehicle Targets Instant Cash Mobility for Institutions
A new collaboration between State Street Investment Management, Galaxy Asset Management and Ondo Finance is set to advance institutional use of tokenized cash. The groups are preparing to launch the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a vehicle that will move idle cash balances directly onto public blockchains, enabling around-the-clock onchain liquidity for accredited investors.
SWEEP will accept and pay out the PYUSD stablecoin, creating a direct bridge between traditional cash-management processes and public blockchain rails. Ondo Finance is expected to supply an initial $200 million investment, aligning its existing real-world asset products with State Streetās tokenization platform. Galaxy Digital will provide the underlying digital-asset infrastructure, while State Street Bank and Trust Company will serve as custodian.
Launching first on Solana in early 2026, the fund is designed for multichain expansion. Future deployments on Stellar and Ethereum will rely on Chainlinkās Cross-Chain Interoperability Protocol, enabling seamless movement of tokenized assets across networks.
Rising Competition in Onchain Cash Solutions
This announcement sharpens the industry race to define the future of institutional onchain cash. Major asset managers already operate tokenized cash-management vehicles, while Ondo has built a market around wrapping Treasurys and credit instruments into blockchain-native products. State Streetās move strengthens the trend of large financial institutions pairing regulatory infrastructure with crypto-native technology partners.
The initiative aligns with a broader shift toward an integrated onchain capital markets stack, where tokenized funds, equities and settlement tools operate cohesively rather than as isolated pilots. The partnership illustrates how roles are forming across the ecosystemātraditional custodians providing regulatory guardrails, digital-asset firms delivering tokenization systems and RWA issuers supplying both liquidity and distribution.
Solanaās selection as the fundās starting point highlights its growing presence in tokenization. The chainās high throughput and low fees have attracted major institutions, from remittance providers to global payment processors. By expanding later to Stellar and Ethereum, SWEEP aims to reach multiple environments where stablecoins and tokenized assets are already widely used.
The fundās launch marks another step toward a financial landscape where institutional liquidity moves continuously, securely and natively on public blockchains.
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