Overview
- The State Street Galaxy Onchain Liquidity Sweep Fund will open on Solana, with planned expansion to Stellar and Ethereum using Chainlink tools.
- Subscriptions and redemptions will be processed in PYUSD for Qualified Purchasers when sufficient assets are available.
- Ondo Finance will seed the fund with about $200 million, with its OUSG vehicle positioned as the anchor investor.
- State Street Bank and Trust Company will custody the underlying treasury assets as Galaxy provides tokenization and cross-chain infrastructure.
- The initiative advances onchain cash management beyond pilots and, according to one report, follows the SEC closing a two-year inquiry into Ondo.