State Street Sweep Now Live on Stellar
A press release titled, "State Street Galaxy Onchain Liquidity Sweep Fund Goes Live on Stellar," tells us, "The State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP) is now live on the Stellar network. Issued by State Street Investment Management, the asset management arm of State Street Corporation (STT), and tokenized by Galaxy, SWEEP represents a new option for eligible investors seeking a liquid, onchain cash management solution. SWEEP is 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. Eligible investors can subscribe and redeem in certain stablecoins, subject to availability from the fund's portfolio, 24 hours a day, seven days a week, instead of waiting on banking hours and settlement windows. On Stellar, the fund is issued through a Stellar smart contract, pairing programmable asset logic with the network’s native issuer controls for authorization, freeze, and clawback." Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, comments, "Cash management only moves onchain where the infrastructure has already proven it works. Stellar has run in production for more than a decade at 99.99% uptime, and SWEEP now puts one of the world's largest money market fund issuers on the Stellar network." The release adds, "SWEEP on Stellar runs on an open institutional stack. Galaxy provides the tokenization technology and distribution, Anchorage provides digital asset custody, Chainlink supports fund pricing and reserve data, NAV Consulting serves as transfer agent, and State Street Bank and Trust Company holds the fund's securities. Each function is handled by a specialized provider on a neutral public network, with no single vendor owning the rails. SWEEP is a private placement available to Qualified Purchasers that meet certain eligibility criteria and minimum investment amounts."
