Galaxy and State Street Bank launch SWEEP, a tokenized cash management fund on the Solana blockchain.

CoinFeed reported on May 5th that, according to CoinDesk, Galaxy Digital and State Street have jointly launched the tokenized fund "State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP)," migrating cash management and yield products to the blockchain network to achieve 24/7 on-chain liquidity management. This product allows institutional investors to allocate stablecoins into the fund, earning returns 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.