A press release titled, "State Street Investment Management and Galaxy Digital Bring Cash Management Onchain," tells us, "State Street Investment Management and Galaxy Asset Management, an affiliate of Galaxy Digital Inc. (GLXY) ... announced the launch of the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenized private liquidity fund designed to enable 24/7 onchain cash management via stablecoin, subject to availability of stablecoin in the fund's portfolio. The launch represents a milestone in State Street's digital strategy to offer investment solutions onchain and support 24/7 programmatic trading and liquidity for cash management. Building on its legacy as an innovator, State Street continues to invest in foundational digital asset capabilities across investment management and custody, offering cutting-edge, onchain investment solutions to DeFi-native clients, as well as acting as the bridge to traditional institutional clients looking to move onchain."
The release explains, "SWEEP is powered by Galaxy's Digital Infrastructure, which provides the tokenization technology and digital infrastructure supporting the issuance and management of SWEEP tokens. The fund is built to allow stablecoin holders to sweep their stablecoin into a yield bearing asset. SWEEP launches on the Solana blockchain, with additional blockchain integrations planned, including Stellar and Ethereum. Anchorage serves as the fund's digital custodian for stablecoin investments, NAV Consulting serves as transfer agent, and Galaxy is leveraging Chainlink NAVLink to publish the fund's daily NAV onchain and Chainlink CCIP for secure cross-chain interoperability. State Street Bank and Trust Company serves as the fund's custodian for securities holdings."
The release states, "Announced in December 2025, SWEEP allows investors to use PayPal USD (PYUSD) stablecoins for subscriptions and redemptions, subject to portfolio availability, and is available to Qualified Purchasers that meet certain eligibility criteria and minimum investment amounts."
Yie-Hsin Hung, president & CEO of State Street Investment Management, comments, "State Street has played a leading role in market innovation for decades, from servicing mutual funds to launching ETFs, and we're proud to continue that role as digital assets reshape market infrastructure. This fund allows us to bring the TradFi landscape onchain in a resilient way, guided by our long-standing focus on innovation, risk management and client outcomes."
Galaxy CEO Mike Novogratz adds, "For years we've argued that traditional finance and crypto would converge on the same rails. We believe SWEEP is what that looks like in practice, with a fund managed by an experienced cash manager being available for investors onchain, on infrastructure Galaxy built for institutions."
Finally, SSIM writes, "SWEEP expands and deepens State Street Investment Management's relationship with Galaxy. In September 2024, State Street Investment Management launched three actively managed ETFs sub-advised by Galaxy that are focused on digital assets and disruptive technologies."
In other news, Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of May 1) includes Holdings information from 63 money funds (down 11 from a week ago), or $4.081 trillion (down from $4.508 trillion) of the $8.158 trillion in total money fund assets (or 50.0%) tracked by Crane Data. (Note: Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here and our April 13 News, "April MF Portfolio Holdings: T-Bills Inch Higher, Repo Falls, Agencies Flat.")
Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $1.826 trillion (down from $2.014 trillion a week ago), or 44.7%; Repurchase Agreements (Repo) totaling $1.479 trillion (down from $1.632 trillion a week ago), or 36.2%, and Government Agency securities totaling $450.0 billion (down from $466.0 billion a week ago), or 11.0%. Commercial Paper (CP) totaled $135.8 billion (down from $164.9 billion a week ago), or 3.3%. Certificates of Deposit (CDs) totaled $79.4 billion (down from $102.9 billion a week ago), or 1.9%. The Other category accounted for $70.2 billion or 1.7%, while VRDNs accounted for $41.3 billion or 1.0%.
The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $1.826 trillion, Fixed Income Clearing Corp with $503.9B, the Federal Home Loan Bank with $272.9B, JP Morgan with $156.5B, Citi with $111.7B, Federal Farm Credit Bank with $102.9B, BNP Paribas with $91.0B, RBC with $86.9B, Wells Fargo with $74.6B and Bank of America with $51.7B.
The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($322.0B), JPMorgan 100% US Trs MM ($312.7B), Goldman Sachs FS Govt ($266.8B), Fidelity Inv MM: Govt Port ($256.0B), Morgan Stanley Inst Liq Govt ($210.2B), BlackRock Lq FedFund ($184.1B), BlackRock Lq Treas Tr ($181.5B), State Street Inst US Govt ($179.9B), Fidelity Inv MM: MM Port ($162.6B) and Dreyfus Govt Cash Mgmt ($157.6B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
