State Street Investment Management and Galaxy Asset Management have launched a tokenized fund.

State Street Investment Management and Galaxy Asset Management (GLXY) have launched a tokenized fund designed to move a core piece of finance — cash management — onto blockchain networks, the firms said Tuesday. The State Street Galaxy Onchain Liquidity Sweep Fund, trading under the ticker SWEEP, allows large investors to park stablecoins into a fund that generates yield, while keeping the ability to move in and out at any time. Unlike traditional money market funds that operate during market hours, the new structure runs continuously on blockchain infrastructure. The market for tokenized funds has grown quickly over the past year, led by products like BlackRock’s BUIDL, which packages short-term U.S. Treasury exposure into a blockchain-based token. BUIDL has attracted billions of dollars, signaling that institutions are willing to hold tokenized versions of familiar instruments when the structure meets compliance and liquidity needs. Other firms, including Franklin Templeton and now State Street with SWEEP, are building similar products, each experimenting with different blockchains and investor access models. SWEEP launches on the Solana (SOL) blockchain, with plans to expand to Ethereum (ETH) and Stellar (XLM). Galaxy provides the underlying tokenization system, while Anchorage handles custody of digital assets and State Street oversees traditional securities held in the portfolio. The move reflects a broader shift among large financial firms exploring how blockchain can update market plumbing. Today, moving cash between accounts or funds often involves delays, cut-off times and intermediaries. A blockchain-based system can, in theory, allow money to move instantly and around the clock. The launch also deepens ties between State Street and Galaxy, which have worked together on digital asset investment products since 2024. For State Street, which manages more than $5 trillion in assets, the fund signals a step toward offering traditional investment products in tokenized form. For Galaxy, it reinforces its push to build infrastructure that connects crypto markets with institutional finance. Access to the fund is limited to qualified institutional investors, underscoring that, for now, the shift to onchain finance remains focused on large players rather than retail users.

Despite leading the world in domestic payment innovation, Asia's cross-border payment corridors remain among the most inefficient globally.

Polymarket's international platform processed just under $7.1 billion in volume in May.

Trump Media & Technology Group (DJT) has drawn fresh attention after recent share price swings.