State Street, Galaxy, and Ondo launch tokenized liquidity fund on Solana
State Street Investment Management, Galaxy Asset Management, and Ondo Finance have announced the launch of a new tokenized liquidity fund, SWEEP — the State Street Galaxy Onchain Liquidity Sweep Fund. The fund will manage onchain liquidity and leverage public blockchain infrastructure, beginning with Solana in early 2026.
Ondo Finance said its flagship product OUSG will serve as an anchor investor in the fund. The company plans to allocate a significant share of OUSG’s reserves into SWEEP, expanding 24/7 liquidity depth and improving diversification. OUSG currently has more than $770 million in TVL and support across Ethereum, Solana, Ripple, and Polygon.
Launched in 2023, OUSG was one of the first onchain products offering tokenized exposure to U.S. Treasury bills. It provides instant subscriptions and redemptions, daily yield accrual, and low fees. The new investment will expand OUSG’s portfolio, which already includes products from BlackRock, Fidelity, Franklin Templeton, WisdomTree, and other asset managers.
Ondo is preparing up to $200 million as an initial commitment to SWEEP. State Street Bank and Trust will serve as custodian, while Galaxy will provide the tokenization infrastructure. Chainlink CCIP will enable expansion to Stellar and Ethereum later on.
The companies position SWEEP as a key tool in the race to establish an “onchain cash” standard. Similar to TradFi money-market funds, SWEEP will accept and distribute liquidity 24/7, including support for stablecoins such as PayPal USD (PYUSD).
State Street said the partnership strengthens the bank’s strategy of transforming traditional markets through tokenization. Ondo described SWEEP as an important step toward bridging TradFi and the onchain economy, accelerating the shift to tokenized cash instruments.
The launch comes amid rapid growth in the tokenized-assets ecosystem: major institutions, including Western Union and Pfizer, already use Solana for digital settlement, and the total value of tokenized funds on the network is approaching $1 billion.
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