PANews May 5 news, according to CoinDesk, Galaxy Digital has launched a tokenized fund "State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP)" in collaboration with State Street, migrating cash management and yield products to the blockchain network, enabling 24/7 on-chain liquidity management.

This product allows institutional investors to allocate stablecoins into the fund while maintaining the ability to redeem at any time, breaking through the trading hour limitations of traditional money market funds. The fund is initially built on Solana and plans to expand to Ethereum and Stellar.

Galaxy is responsible for the tokenization infrastructure, Anchorage Digital provides custody services, and State Street manages the underlying traditional securities assets.

This launch continues the trend of institutional exploration in on-chain cash management, following BlackRock's BUIDL fund, which has validated institutional demand for tokenized U.S. Treasury products, driving continuous inflows into on-chain fixed income assets. Currently, State Street manages over $50 trillion in assets, and this move is seen as an important step towards fully tokenizing traditional financial products, while also marking the gradual extension of on-chain financial infrastructure into the institutional cash management space.

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