Key Highlights
- State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP) is now available on the Stellar network.
- State Street Investment Management manages the private liquidity fund, while Galaxy supplies the tokenization technology.
- Eligible investors can use certain stablecoins to subscribe to and redeem from SWEEP, with transactions available 24/7 subject to fund availability.
SWEEP Launches on the Stellar Network
The State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP) is now available on the Stellar network, expanding the fundās onchain infrastructure for eligible investors. State Street Investment Management manages SWEEP, while Galaxy provides the technology used to tokenize the fund.
SWEEP is structured as a private liquidity fund designed for onchain cash management. Eligible investors can subscribe to and redeem from the fund using certain stablecoins, subject to the availability of those stablecoins within the fund. The arrangement supports transactions 24 hours a day, seven days a week.
Smart Contract Controls for Tokenized Fund Assets
On Stellar, SWEEP is issued through a smart contract. This structure combines programmable asset functions with Stellarās controls for authorization, freezing and clawbacks.
The combination is intended to support the operational requirements of a tokenized private liquidity fund while retaining controls over how the asset is managed on the network. The fundās availability and stablecoin functionality remain subject to the conditions specified for eligible investors and the assets available within SWEEP.
Why This Matters
The launch places a private liquidity fund managed by State Street Investment Management on a blockchain network, with Galaxy providing the tokenization technology. Its 24/7 transaction availability and stablecoin-based subscription and redemption features are designed for onchain cash management, while Stellarās authorization, freezing and clawback controls provide administrative functions for the issued asset.
Frequently Asked Questions
What is SWEEP?
The State Street Galaxy Onchain Liquidity Sweep Fund, or SWEEP, is a private liquidity fund for eligible investors that is designed for onchain cash management.
Who manages and tokenizes SWEEP?
State Street Investment Management manages the fund, and Galaxy provides the tokenization technology.
How can eligible investors transact with SWEEP?
Eligible investors can subscribe to and redeem from SWEEP using certain stablecoins, subject to their availability in the fund. Transactions can take place 24 hours a day, seven days a week.
