State Street, Galaxy launch SWEEP tokenized liquidity fund on Solana first
In brief
- SWEEP is live on Solana first; Stellar and Ethereum expansions are planned, not yet live.
- PYUSD handles 24/7 subscriptions and redemptions; USDC support is planned for later.
- Minimums are $5 million for entities and $1 million for individuals.
- SWEEP targets a 0.50% expense ratio; Crypto Briefing noted government money market funds often charge 0.10% to 0.30%.
- Anchorage Digital, State Street Bank and Trust, NAV Consulting and Chainlink support the fund.
Stellar and Ethereum are on the roadmap. They aren't live yet.
How SWEEP works
Subscriptions and redemptions run 24/7 in PYUSD, with USDC support planned for later, according to the fund terms reported by Crypto Briefing. The outlet set that against most existing tokenized treasury products, which it said still require fiat on-ramps or bank wires for entry and exit.
Access is tight. The fund's restricted to Qualified Purchasers, with a minimum investment of $5 million for entities and $1 million for individuals (it's aimed at qualified institutional investors). Its target expense ratio is 0.50% per year, and Crypto Briefing pointed out that traditional government money market funds often charge between 0.10% and 0.30%, so SWEEP carries a premium.
The service-provider stack
Galaxy provides the infrastructure for the SWEEP tokens themselves. Custody is split two ways: Anchorage Digital handles digital asset custody, while State Street Bank and Trust Company handles traditional securities custody. NAV Consulting manages transfer agency services, and Chainlink delivers cross-chain data and messaging.
Crypto Briefing wrote that the Qualified Purchaser restriction and those regulated providers are meant to keep SWEEP operating within existing securities frameworks rather than around them. The partnership itself isn't new. State Street and Galaxy first announced the collaboration in December 2025, building on earlier joint work on digital asset ETFs in 2024.
What the executives said
Yie-Hsin Hung, CEO of State Street Investment Management, described the launch as bringing the “TradFi landscape onchain,”
Hung pointed to resilience and accessibility as core goals, per the report. Galaxy CEO Mike Novogratz framed the launch as a convergence of traditional finance and the crypto ecosystem, aimed at making cash management more productive (that's the outlet's paraphrase, not a direct quote from Novogratz).
Frequently asked questions
Who can invest in the SWEEP fund?
SWEEP is restricted to Qualified Purchasers. According to Crypto Briefing, the minimum investment is $5 million for entities and $1 million for individuals, and the fund is built for qualified institutional investors holding stablecoins.
Which blockchains is SWEEP available on?
SWEEP launched first on Solana. State Street and Galaxy plan to expand it to Stellar and Ethereum, according to Crypto Briefing, but those networks are planned rather than live.
How much does SWEEP cost compared with a money market fund?
SWEEP's target expense ratio is 0.50% per year. Crypto Briefing noted that traditional government money market funds often charge between 0.10% and 0.30%, so SWEEP carries a premium.
