Overview
- SWEEP lets institutions move stablecoins into tokenized fund shares with subscriptions and redemptions that bypass bank-hour cut-offs.
- Access is limited to qualified institutional investors, so the product is not available to retail customers.
- State Street manages short-duration, investment-grade securities off chain, Galaxy runs the on-chain token system, and Anchorage Digital provides crypto custody.
- The fund debuts on the Solana blockchain with plans to add Ethereum and Stellar to reach clients across more networks.
- The launch follows rapid growth in tokenized cash and Treasury products, with BlackRock’s BUIDL and similar funds drawing billions from institutions.