State Street, Galaxy and Ondo join tokenized cash race with 24/7 sweep fund

cointelegraphPublicado a 2025-12-11Actualizado a 2025-12-11

Resumen

State Street Investment Management, Galaxy Asset Management, and Ondo Finance are launching a tokenized liquidity fund called the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP). The fund will use PayPal’s PYUSD stablecoin to allow accredited investors to move cash "sweep" balances onto public blockchains, enabling 24/7 onchain liquidity. Ondo will seed the fund with $200 million. State Street will serve as custodian, while Galaxy provides digital asset infrastructure. The fund is set to launch on Solana in early 2026, with plans to expand to Stellar and Ethereum using Chainlink’s CCIP. This move places SWEEP in a growing race among institutions like BlackRock and Franklin Templeton to define onchain cash and tokenized real-world assets (RWA). The partnership highlights the convergence of traditional finance and crypto, with each firm contributing regulatory oversight, infrastructure, and distribution networks. Solana was chosen for its low fees and fast settlement, appealing to large institutions adopting blockchain for digital assets.

State Street Investment Management and Galaxy Asset Management are joining forces with Ondo Finance on a tokenized liquidity fund that pushes cash “sweep” balances directly onto public blockchains, opening up a source of potential 24/7 onchain liquidity.

The planned State Street Galaxy Onchain Liquidity Sweep Fund, or SWEEP, is designed to take in and pay out PayPal’s (PYUSD) stablecoin for accredited investors, the companies said Tuesday.

Ondo is expected to seed the fund with $200 million, tying a major tokenized real-world asset (RWA) issuer directly into State Street’s tokenization stack. The fund will be powered by Galaxy Digital infrastructure, and State Street Bank and Trust Company, an affiliate of State Street Investment Management, will act as custodian.

SWEEP is set to launch on Solana in early 2026, with rollouts on other networks, including Stellar and Ethereum, to follow, using Chainlink’s Cross-Chain Interoperability Protocol (CCIP).

Related: Solana and Coinbase’s Base connect together using Chainlink

Race to define onchain cash

The move drops another heavyweight into an increasingly crowded race to define what “onchain cash” looks like for institutions. BlackRock and Franklin Templeton already run tokenized cash‐management vehicles, including money‐market and other short‐term fixed‐income funds, on public blockchains. For its part, Ondo has built a business around wrapping Treasurys and other credit exposures into onchain vehicles that can plug into crypto markets.

“By partnering with Galaxy, we will push the envelope together and drive the evolution of the TradFi landscape onchain,” said Kim Hochfeld, global head of cash and digital assets for State Street Investment Management.

“Tokenization is rapidly becoming the connective tissue between traditional finance and the onchain economy,” said Ian De Bode, president of Ondo Finance. “Our planned investment would not only anchor this innovative fund – but also supports the continued growth of Ondo’s fund that offers institutional investors exposure to short-term US Treasuries with 24/7 instant mints and redemptions.”

Related: Blockchain trial on Canton Network tests collateral reuse with tokenized US Treasurys

Building an onchain capital markets stack

The launch comes as tokenized funds and tokenized equities are starting to resemble components of an emerging onchain capital markets stack more than isolated pilots.

Superstate opened up onchain capital raising for US Securities and Exchange Commission‐registered public companies via its Direct Issuance Programs on Ethereum and Solana Wednesday, targeting the equity side of that stack by letting issuers sell new stock directly for stablecoins and settle immediately to investor wallets.

State Street’s partnership with Galaxy and Ondo also highlights how the roles are shaping up as traditional finance and crypto firms share the same products. State Street brings Big Four regulatory cover and custody, Galaxy contributes digital‐asset infrastructure and tokenization expertise, and Ondo provides both capital and an existing RWA distribution network.

Related: Galaxy expands into UAE as part of Middle East push

Solana’s role in the tokenization race

Solana’s role as the initial venue highlights a second competitive race unfolding beneath the product arms race. The chain has become a favored home for tokenized assets and high‐throughput trading, from tokenized public shares to experiments in onchain liquidity funds, as issuers look for lower fees and fast settlement.

Some of the largest institutions in the world have chosen the Solana blockchain for their digital assets play, including Western Union, which processes over $100 billion in remittance volume every year, and Pfizer, which processes $2 trillion of merchant payment volume annually. Physical staked exchange-traded funds (ETFs) on Solana have also almost reached $1 billion in assets under management.

Launching on Solana first, with plans to expand to Stellar and Ethereum, allows SWEEP to tap into multiple ecosystems where stablecoins and RWA tokens are already part of the infrastructure.

Criptos en tendencia

CitreaCTR

wrapped stUSDTWSTUSDT

Velodrome FinanceVELODROME

BrevisBREV

PancakeSwapCAKE

JUSTJST

Lecturas Relacionadas

Chipsea Turns from A-share to H-share: Riding the Price Surge Trend, or Gambling on the Cycle?

Xintianxia Technology, a Chinese flash memory chipmaker, is making its second attempt to list on the Hong Kong Stock Exchange after withdrawing its application for a mainland China IPO in late 2023. This move coincides with an upcycle in the memory chip sector. Ranked fifth among global fabless code-type flash memory suppliers in 2025, Xintianxia specializes in NOR Flash and SLC NAND chips. However, it holds a small 1.3% global market share in this niche segment. The company is highly dependent on a concentrated group of suppliers, with its top five accounting for over 80% of procurement in Q1 2026. After posting losses in 2023 and 2024, the company's fortunes reversed sharply in Q1 2026. Revenue grew 77.4% year-over-year to RMB 224 million, with net profit reaching RMB 75.89 million. This dramatic turnaround was primarily driven by strategic inventory stockpiling and significant price increases for its core products, leading to a gross margin surge to 55.63%. However, this aggressive strategy carries major risks. Inventory days have risen significantly, and the company's operating cash flow turned negative in Q1 2026 due to high stockpiling costs. The memory industry's cyclical nature means the current price boom may not last. If a downturn arrives, Xintianxia's high-cost inventory could become a financial burden, a scenario that previously derailed its A-share listing ambitions. Further complicating its IPO journey are corporate governance concerns. The company paid substantial dividends during loss-making years, and several major shareholders, including state-backed funds and the founder, cashed out significant stakes shortly before the Hong Kong listing application. Chinese regulators have requested details on past equity transfers, questioning pricing fairness. In essence, Xintianxia's Hong Kong listing bid is a high-stakes gamble on the sustainability of the current chip price cycle. Its future hinges not just on favorable market conditions but on its ability to withstand the inevitable downturn and prove its long-term operational resilience.

marsbitHace 9 min(s)

Chipsea Turns from A-share to H-share: Riding the Price Surge Trend, or Gambling on the Cycle?

marsbitHace 9 min(s)

BlackRock Launches Stablecoin Reserve Fund BRSRV: Bringing Short-Term US Treasuries to Solana, Ethereum, and Tempo

BlackRock Launches Tokenized Stablecoin Reserve Fund BRSRV, Expands to Solana and Tempo Global asset management giant BlackRock has introduced BRSRV (BlackRock Daily Reinvestment Stablecoin Reserve Vehicle), a tokenized money market fund specifically designed for stablecoin reserves. Concurrently, the firm is issuing tokenized, on-chain shares of its existing BSTBL (BlackRock Select Treasury-Based Liquidity Fund). A key development is the expansion of supported blockchains beyond Ethereum to include Solana and Stripe-affiliated chain Tempo for recording share ownership. The transfer agent Securitize will manage the process through approved, whitelisted wallets requiring verified identity, with a minimum initial investment of $3 million. The fund will invest solely in cash, short-term U.S. Treasuries, and overnight repurchase agreements backed by U.S. government securities, explicitly avoiding any crypto assets. BlackRock states the structure aims to qualify as a compliant reserve asset under the U.S. GENIUS Act for payment stablecoins. This launch builds upon BlackRock's broader tokenization strategy, notably following its BUIDL fund introduced in March 2024, which now holds over $26 billion in assets. The move places BlackRock alongside other major institutions like Morgan Stanley and Fidelity in offering products tailored for the stablecoin reserve market, signaling a deepening institutional push into tokenized real-world assets (RWA) and on-chain finance infrastructure.

marsbitHace 10 min(s)

BlackRock Launches Stablecoin Reserve Fund BRSRV: Bringing Short-Term US Treasuries to Solana, Ethereum, and Tempo

marsbitHace 10 min(s)

Orbs Launches OIP-9 to Establish Community Governance DAO

Orbs has launched OIP-9, its first official community governance proposal to establish the Orbs DAO. If approved, it will create the initial governance layer, granting qualified members control over specific protocol aspects and advancing decentralization. After years of development, this proposal marks the next phase, formalizing community oversight through a methodical approach balancing security and decentralization. Tokens staked in the Orbs Proof-of-Stake contract will be eligible for governance via proposals and snapshot voting, with decisions executed through DAO-controlled multisig wallets. Initially, the DAO will supervise key network parameters, including PoS architecture, Guardian approvals, and significant protocol changes. The proposal adopts a progressive model, gradually increasing community responsibility. Future proposals may address protocol revenue, treasury management, and tokenomics. An emergency mechanism allows the core team to act if urgently needed for network stability, subject to subsequent DAO approval. This governance foundation will also support the next roadmap phase, including proposed Season 1 tokenomics, enabling future community decisions on protocol economics and ecosystem growth.

TheNewsCryptoHace 1 hora(s)

Orbs Launches OIP-9 to Establish Community Governance DAO

TheNewsCryptoHace 1 hora(s)

Wall Street Morning Report: AI + Cloud Computing Takes Over the Market Again, Amazon Knocks on the Door of $3 Trillion

Wall Street's August began with a strong rally, driven by easing Middle East tensions as President Trump signaled progress on U.S.-Iran talks, prompting a sharp drop in oil prices. Major indices hit record or near-record highs, with the Dow Jones Industrial Average up 1.32%, the Nasdaq Composite surging 2.13%, and the S&P 500 rising 1.48%. The energy sector was the sole decliner. The AI and cloud computing narrative dominated the tech rally. The "Magnificent Seven" index jumped 3.6%. Amazon's market cap surpassed $3 trillion for the first time following robust AWS results, while Nvidia regained a $5 trillion valuation. Meta, Google, and Microsoft also posted significant gains. Other AI-related stocks like Palantir, CoreWeave, and various semiconductor and infrastructure companies saw strong advances. In other markets, gold held above $4,000, supported by central bank buying. Treasury yields fell as oil prices dropped. The U.S. dollar remained stable despite strong manufacturing data. Japan's substantial currency intervention raised concerns, but U.S. officials reassured markets about the mechanism used. Key events ahead include major industry conferences (Ai4 2026, FMS Summit) and earnings reports from companies like SpaceX, AMD, and Pfizer. The White House is also set to host a meeting with leading AI firms to discuss regulatory frameworks.

marsbitHace 1 hora(s)

Wall Street Morning Report: AI + Cloud Computing Takes Over the Market Again, Amazon Knocks on the Door of $3 Trillion

marsbitHace 1 hora(s)

The July Tech Stock Pullback: Which Funds Are Paying the Price for Buying High?

In July, China's technology stocks experienced a sharp correction, causing significant pain for actively managed mutual funds that aggressively increased their holdings in the sector during the second quarter. The sell-off saw major indices like the ChiNext and STAR 50 fall over 25% and 28% for the month, respectively. Funds that piled into tech at its June peak faced steep losses. Notably, several veteran "value investor" fund managers, known for long-term holdings in consumer staples, made dramatic shifts. Star managers like Zhang Kun (E Fund Blue Chip Selected) and Liu Yanchun (Invesco Great Wall Dingyi) drastically reduced positions in liquor stocks like Kweichow Moutai, switching instead to semiconductor and AI hardware companies like SMIC and Ingenic International. Data shows active equity funds' allocation to the electronics sector reached a historical high of 42.64% by end-Q2. Around 67 funds saw their TMT (Technology, Media, Telecom) weighting surge from an average of 6.75% to 54.99%. The consequences were severe in July: these high-TMT funds fell an average of over 20%, with 12 plunging more than 40%. Examples include Jinhua High-Quality Growth and Guoshou Anbao Wenhui, which fell 26.34% and nearly 40% respectively after raising TMT weights above 70%. The article also highlights issues of "style drift," where funds with names like "high-dividend" held high-P/E tech stocks instead, confusing investors. Newly launched funds suffered even more. For instance, Guotai Haitong New Energy RuiXuan Hybrid, launched in mid-June, saw its net asset value plummet to 0.5509 yuan by July 30, a loss of nearly 45%. Analysts note the extreme sector concentration mirrored past bubbles (e.g., 2021 new energy). The intense, crowded trade itself became a major risk. While tech stocks rebounded sharply on July 31, the funds that chased the high face a longer-term market test.

marsbitHace 1 hora(s)

The July Tech Stock Pullback: Which Funds Are Paying the Price for Buying High?

marsbitHace 1 hora(s)

Trading

Spot

Artículos destacados

Cómo comprar ONDO

¡Bienvenido a HTX.com! Hemos hecho que comprar OndoFinance (ONDO) sea simple y conveniente. Sigue nuestra guía paso a paso para iniciar tu viaje de criptos.Paso 1: crea tu cuenta HTXUtiliza tu correo electrónico o número de teléfono para registrarte y obtener una cuenta gratuita en HTX. Experimenta un proceso de registro sin complicaciones y desbloquea todas las funciones.Obtener mi cuentaPaso 2: ve a Comprar cripto y elige tu método de pagoTarjeta de crédito/débito: usa tu Visa o Mastercard para comprar OndoFinance (ONDO) al instante.Saldo: utiliza fondos del saldo de tu cuenta HTX para tradear sin problemas.Terceros: hemos agregado métodos de pago populares como Google Pay y Apple Pay para mejorar la comodidad.P2P: tradear directamente con otros usuarios en HTX.Over-the-Counter (OTC): ofrecemos servicios personalizados y tipos de cambio competitivos para los traders.Paso 3: guarda tu OndoFinance (ONDO)Después de comprar tu OndoFinance (ONDO), guárdalo en tu cuenta HTX. Alternativamente, puedes enviarlo a otro lugar mediante transferencia blockchain o utilizarlo para tradear otras criptomonedas.Paso 4: tradear OndoFinance (ONDO)Tradear fácilmente con OndoFinance (ONDO) en HTX's mercado spot. Simplemente accede a tu cuenta, selecciona tu par de trading, ejecuta tus trades y monitorea en tiempo real. Ofrecemos una experiencia fácil de usar tanto para principiantes como para traders experimentados.

333 Vistas totalesPublicado en 2024.12.12Actualizado en 2026.06.02

Discusiones

Bienvenido a la comunidad de HTX. Aquí puedes mantenerte informado sobre los últimos desarrollos de la plataforma y acceder a análisis profesionales del mercado. A continuación se presentan las opiniones de los usuarios sobre el precio de ONDO (ONDO).