“The fund will run on Solana at launch and use PYUSD.”, — write: www.coindesk.com
The State Street Galaxy Onchain Liquidity Sweep Fund, or SWEEP, will accept subscriptions and redemptions in PYUSD, a stablecoin issued by PayPal, as long as the fund has assets on hand to process requests. Only Qualified Purchasers who meet set thresholds can access the fund. Ondo Finance committed about $200 million to seed the product.
The firms expect to issue SWEEP on Solana SOL$136.61 at launch, then add Stellar (XLM) and Ethereum (ETH.) Galaxy plans to rely on Chainlink LINK$14.13 tools to move data and assets across chains.
The companies said the fund is designed for institutions that want to hold cash-like assets on chain without giving up the liquidity profile they expect from traditional sweep products.
Kim Hochfeld, global head of cash and digital assets at State Street, said the project reflects a shift in how banks and crypto firms work together.
“By partnering with Galaxy, we will push the envelope together and drive the evolution of the TradFi landscape onchain,” she said.
Ondo Finance President Ian De Bode said the firm’s planned investment shows how traditional and crypto markets continue to converge.
“Tokenization is rapidly becoming the connective tissue between traditional finance and the onchain economy, and SWEEP represents a major leap forward in that evolution,” he said.
The effort adds to the firms’ work together, which includes a set of digital-asset ETFs launched in 2024.
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“Powell is threading the needle between his two mandates,” said one analyst.
- Crypto prices were volatile on Wednesday, erasing much of their gains following the Fed’s rate cut earlier.
- In his post-meeting press conference, Fed Chair Jerome Powell took note of a labor market that might be weaker than previously thought, while also sounding cautious about gains made in fighting inflation.
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