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

cointelegraphPublicado em 2025-12-11Última atualização em 2025-12-11

Resumo

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.

Leituras Relacionadas

Exploring Physical World AGI with "Visual Reasoning", ElorianAI Raises $55 Million

ElorianAI, co-founded by ex-Google AI expert Andrew Dai and former AI specialist Yinfei Yang, has raised $55 million in early funding to develop next-generation AI systems with advanced visual reasoning capabilities. While current large models excel in text-based tasks like programming and math, they perform poorly in visual reasoning—even top models like Gemini only match a 3-year-old’s ability in basic visual benchmarks. The key limitation lies in the architecture of current vision-language models (VLMs), which first convert visual inputs into text before reasoning, losing critical spatial and structural information. ElorianAI aims to build a native multimodal model that processes and reasons directly in visual space, enabling deeper understanding of physical relationships, constraints, and environments. The company plans to release a state-of-the-art visual reasoning model by 2026, with potential applications in robotics, disaster management, engineering, healthcare, and AI hardware. By using high-quality, diverse, and synthetically generated data, ElorianAI intends to create models that don’t just perceive but truly understand and reason about the physical world—bringing us closer to visual AGI.

marsbitHá 24m

Exploring Physical World AGI with "Visual Reasoning", ElorianAI Raises $55 Million

marsbitHá 24m

This Time, OpenAI Eliminated 90% of Human Designers

OpenAI's latest release, GPT-Image 2, marks a paradigm shift in AI-generated imagery, moving beyond aesthetic quality to logical reasoning and contextual understanding. The model introduces a "thinking mode," where it performs background reasoning—such as mathematical calculations and geographic knowledge—before generating images. This enables highly accurate and context-aware outputs, like a livestream overlay showing precise distance metrics or a brand-aligned poster design. The model excels in rendering Chinese text with remarkable accuracy and aesthetic quality, a significant improvement over previous versions. It supports multi-turn conversational editing via the new Responses API, allowing iterative refinements similar to chatting with a large language model. While GPT-Image 2 demonstrates unprecedented capabilities in commercial applications like marketing material and illustration—potentially displacing many human designers due to its cost efficiency—it still has limitations. Minor artifacts in fine text details persist, and complex prompts can cause extended processing times. Additionally, the technology raises ethical concerns around deepfakes and digital trust. Overall, GPT-Image 2 transitions AI image generation from a novelty to a powerful production-ready tool, redefining industry standards and pushing the boundary of what’s possible in visual AI.

marsbitHá 30m

This Time, OpenAI Eliminated 90% of Human Designers

marsbitHá 30m

20 Billion Valuation, Alibaba and Tencent Competing to Invest, Whose Money Will Liang Wenfeng Take?

DeepSeek, an AI startup founded by Liang Wenfeng, is reportedly in talks with Alibaba and Tencent for an external funding round that could value the company at over $20 billion. This marks a significant shift, as DeepSeek had previously relied solely on funding from its parent company,幻方量化 (Huanfang Quantitative), and had resisted external investment. The potential valuation would place DeepSeek among the top-tier AI model companies in China, comparable to competitors like MoonDark (valued at ~$18 billion) and ahead of recently listed firms like MiniMax and Zhipu. The funding—which could range from $600 million (for a 3% stake) to $2 billion (for 10%)—is seen as a move to secure resources for model development, retain talent, and support infrastructure needs, particularly as competition in inference models and AI agents intensifies. Both Alibaba and Tencent are eager to invest, not only for financial returns but also to integrate DeepSeek into their broader AI ecosystems. However, DeepSeek’s leadership is cautious about maintaining independence and may prefer financial investors over strategic ones to avoid being locked into a specific tech ecosystem. Alternative options, such as state-backed funds, offer longer-term capital and policy support but may come with slower decision-making and potential constraints on global expansion. With competing AI firms accelerating their IPO plans, DeepSeek’s window for securing optimal terms may be narrowing. The final decision will reflect a trade-off between capital, resources, and strategic independence.

marsbitHá 41m

20 Billion Valuation, Alibaba and Tencent Competing to Invest, Whose Money Will Liang Wenfeng Take?

marsbitHá 41m

After Losing 97% of Its Market Value, iQiyi Attempts to Use AI to Forcefully Extend Its Lifespan

After losing 97% of its market value since its 2018 peak, iQiyi is aggressively pivoting to AI in a desperate attempt to survive. At its 2026 World Conference, CEO Gong Yu announced an "AI Artist Library" with over 100 virtual performers and a new AIGC platform, "NaDou Pro," promising faster production and lower costs. This shift comes as the company faces severe financial distress: its market cap sits near delisting thresholds at $1.36 billion, with significant losses, declining membership revenue, and depleted cash flow. The AI strategy has sparked controversy. Top actors have issued legal threats against unauthorized digital replicas, while in Hengdian, over 134,000 background actors are seeing their already scarce job opportunities vanish as AI replaces them for background roles. iQiyi's move represents a fundamental shift from being a high-cost content buyer to a landlord" to becoming a "platform capitalist" that transfers production risk to creators. This contrasts with competitors like Douyin (TikTok's Chinese counterpart), which is investing heavily in *real* actor-led short dramas, betting that authentic human connection retains users better than AI-generated content. The article draws a parallel to the 1920s transition to "talkies," which made cinema musicians obsolete but ultimately enriched the art form. In contrast, iQiyi's AI drive is framed not as an artistic evolution but as a cost-cutting measure that could degrade storytelling, replacing genuine human emotion with algorithmically calculated stimulation and potentially numbing audiences' capacity for empathy. The core question remains: can a company focused solely on financial survival preserve the art of storytelling?

marsbitHá 44m

After Losing 97% of Its Market Value, iQiyi Attempts to Use AI to Forcefully Extend Its Lifespan

marsbitHá 44m

Only a 50% Chance of Passing This Year, Can the CLARITY Bill Succeed Before the Midterm Elections?

The CLARITY Act, which passed the House in July 2025 with strong bipartisan support (294-134), faces a critical juncture in the Senate. The Senate Banking Committee is expected to hold a markup soon, but key issues remain unresolved, including stablecoin yield provisions, DeFi regulations, and securing full Republican committee support. Other contentious points involve the Blockchain Regulatory Certainty Act (BRCA), ethics amendments for government officials, and SEC-related matters. The legislative calendar is tight, with limited time before the midterm elections. If the committee markup is delayed beyond mid-May, the chances of passage in 2026 drop significantly. Senator Cynthia Lummis has warned that failure this year could delay comprehensive crypto market structure legislation until 2030 or later. Galaxy estimates the probability of the CLARITY Act becoming law in 2026 is only about 50%. The bill provides crucial regulatory clarity by defining jurisdictional boundaries between the SEC and CFTC, establishing a path for decentralization, and bringing digital commodity intermediaries under federal regulation. Its passage is seen as vital before potential power shifts in the next Congress, which could bring less favorable leadership to key committees. The timeline is compressed, and the bill must compete for floor time with other priorities like Iran authorization and DHS appropriations. Key hurdles include finalizing the stablecoin yield compromise text, addressing law enforcement concerns about BRCA, and navigating political dynamics around SEC nominations. The outcome of the Banking Committee markup and the level of bipartisan support will be critical indicators of its future success.

marsbitHá 1h

Only a 50% Chance of Passing This Year, Can the CLARITY Bill Succeed Before the Midterm Elections?

marsbitHá 1h

Trading

Spot

Futuros

Artigos em Destaque

Como comprar ONDO

Bem-vindo à HTX.com!Tornámos a compra de OndoFinance (ONDO) simples e conveniente.Segue o nosso guia passo a passo para iniciar a tua jornada no mundo das criptos.Passo 1: cria a tua conta HTXUtiliza o teu e-mail ou número de telefone para te inscreveres numa conta gratuita na HTX.Desfruta de um processo de inscrição sem complicações e desbloqueia todas as funcionalidades.Obter a minha contaPasso 2: vai para Comprar Cripto e escolhe o teu método de pagamentoCartão de crédito/débito: usa o teu visa ou mastercard para comprar OndoFinance (ONDO) instantaneamente.Saldo: usa os fundos da tua conta HTX para transacionar sem problemas.Terceiros: adicionamos métodos de pagamento populares, como Google Pay e Apple Pay, para aumentar a conveniência.P2P: transaciona diretamente com outros utilizadores na HTX.Mercado de balcão (OTC): oferecemos serviços personalizados e taxas de câmbio competitivas para os traders.Passo 3: armazena teu OndoFinance (ONDO)Depois de comprar o teu OndoFinance (ONDO), armazena-o na tua conta HTX.Alternativamente, podes enviá-lo para outro lugar através de transferência blockchain ou usá-lo para transacionar outras criptomoedas.Passo 4: transaciona OndoFinance (ONDO)Transaciona facilmente OndoFinance (ONDO) no mercado à vista da HTX.Acede simplesmente à tua conta, seleciona o teu par de trading, executa as tuas transações e monitoriza em tempo real.Oferecemos uma experiência de fácil utilização tanto para principiantes como para traders experientes.

392 Visualizações TotaisPublicado em {updateTime}Atualizado em 2025.03.21

Discussões

Bem-vindo à Comunidade HTX. Aqui, pode manter-se informado sobre os mais recentes desenvolvimentos da plataforma e obter acesso a análises profissionais de mercado. As opiniões dos utilizadores sobre o preço de ONDO (ONDO) são apresentadas abaixo.