State Street Fund Goes Live on Stellar

The State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP) is now available on the Stellar network. State Street Investment Management manages the fund, while Galaxy provides the tokenization technology.

SWEEP is a private liquidity fund for eligible investors. It is designed for onchain cash management and allows investors to subscribe and redeem using certain stablecoins, subject to their availability in the fund. Transactions can take place 24 hours a day, seven days a week.

On Stellar, SWEEP is issued through a smart contract. The setup combines programmable asset functions with Stellar’s controls for authorization, freezing and clawbacks.

Several companies support different parts of the fund’s infrastructure. Galaxy provides tokenization technology, while Anchorage offers digital asset custody. Chainlink supplies fund pricing and reserve data, and NAV Consulting acts as transfer agent. State Street Bank and Trust Company holds the fund’s securities.

State Street is a financial services company managing assets and investments. Galaxy is a digital asset company providing blockchain infrastructure and services. Stellar is a blockchain network focused on payments and financial applications.

Image: Magnific