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State Street Launches Blockchain Cash Fund
Description
State Street and Galaxy unveil the Galaxy Onchain Liquidity Sweep Fund, SWEEP, a blockchain-based cash management tool for institutions. It allows parking stablecoins in a yield-generating fund on Solana, with plans for Ethereum and Stellar. This setup offers 24/7 access, instant cash movements, and eliminates delays and middlemen. Wall Street embraces tokenization, with firms like BlackRock and Franklin Templeton exploring digital asset versions. Galaxy tokenizes, Anchorage custodies, and State Street manages traditional securities. This move showcases blockchains potential for instant money transfers, currently limited to qualified institutions.
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