State Street and Galaxy launch tokenized funds, cash management on the blockchain

CryptoWorld News reports that State Street Investment Management and Galaxy Asset Management (GLXY) launched the State Street Galaxy Onchain Liquidity Sweep Fund on Tuesday, with trading code SWEEP. The fund allows large investors to deposit stablecoins to earn returns and move funds in and out at any time. Unlike traditional money market funds, this fund operates continuously on the blockchain. The tokenized fund market has grown rapidly over the past year; Blackstone’s BUIDL product has attracted billions of dollars, indicating that institutions are willing to hold tokenized financial instruments that meet compliance and liquidity requirements. The SWEEP fund was launched on the Solana blockchain and plans to expand to Ethereum and Stellar. Galaxy provides the tokenization system, Anchorage handles digital asset custody, and State Street regulates traditional securities. This move reflects a shift among major financial firms as they explore how to use blockchain to update market infrastructure.

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