State Street and Galaxy to launch onchain liquidity fund SWEEP using PYUSD

State Street and Galaxy Asset Management plan to launch the tokenized liquidity fund SWEEP in early 2026, enabling around-the-clock investor flows using PayPal’s stablecoin PYUSD on Solana. The fund is only open to Qualified Purchasers, with Ondo Finance committing about $200 million to seed the product.

SWEEP will allow subscriptions and redemptions in PYUSD, maintaining liquidity comparable to traditional cash-sweep products. After Solana, the fund plans to expand to Stellar and Ethereum, leveraging Chainlink tools to move data and assets across chains.

Kim Hochfeld, global head of cash and digital assets at State Street, said the project reflects growing collaboration between banks and crypto firms. Ondo Finance President Ian De Bode added that tokenization is becoming a key link between traditional finance and the onchain economy, with SWEEP representing a major step forward in this evolution.