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Tokenized real-world assets

State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP)

Not approved The evidence weighs against it
Verdict
Not approved
The evidence weighs against it
Who can freeze it
Governed, no freeze
Withdrawals
The onshore fund is State Street Galaxy Onchain Liquidity Sweep Onshore Fund, LLC (Delaware, SEC CIK 2130185); the offshore fund is State Street Galaxy Onchain Liquidity Sweep Offshore Fund, Ltd.
Reviewed
2026-09-24 · next 2026-12-24
Researched memo

Summary

Ketju does not approve SWEEP: only qualified purchasers may buy it, and State Street and Galaxy have published no terms a reader can check beyond two press releases and two Form Ds that report no sales. SWEEP is a private cash fund that State Street Investment Management manages and Galaxy tokenizes on Solana. Holders subscribe and redeem in PayPal’s PYUSD stablecoin at any hour, but only while the fund holds enough PYUSD to pay. It launched on 5 May 2026 through a Delaware LLC and a Cayman company. Their Form Ds, filed the day before, report no sales and no investors. Ondo said its OUSG fund planned to seed SWEEP with about $200 million. Both Form Ds claim Rule 506(c) and the Investment Company Act section 3(c)(7) exclusion, which limits buyers to qualified purchasers. The onshore Form D gives a $0 minimum; the offshore one gives $100,000. Galaxy Digital Partners, Galaxy’s broker-dealer, is the placement agent. Neither sponsor has published the token’s contract address, an offering memorandum, or a fund page, so we cannot see who controls the token or quote the terms.

Research

How it works

State Street’s launch release calls SWEEP “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.” SSGA Funds Management is the investment manager on both Form Ds. State Street Bank and Trust holds the fund’s securities; Anchorage holds its stablecoins; NAV Consulting is transfer agent; Galaxy publishes a daily NAV on chain through Chainlink. The December 2025 announcement named State Street Bank as custodian “for the fund’s treasury holdings.” None of the documents we read lists the portfolio, the fee, or the NAV. SWEEP relies on section 3(c)(7) as a private fund. Rule 2a-7’s limits on maturity, quality, and liquidity for registered money market funds therefore do not bind it. Any such limits would appear in the memorandum, which is not public.

Eligibility and withdrawals

The onshore fund is State Street Galaxy Onchain Liquidity Sweep Onshore Fund, LLC (Delaware, SEC CIK 2130185); the offshore fund is State Street Galaxy Onchain Liquidity Sweep Offshore Fund, Ltd. (Cayman Islands, CIK 2130288). Both filed Form Ds on 4 May 2026 claiming Rule 506(c) and section 3(c)(7), with first sale yet to occur, $0 sold, and 0 investors. The onshore minimum is $0 and the offshore $100,000; the releases say buyers must be “Qualified Purchasers that meet certain eligibility criteria and minimum investment amounts.” Both Form Ds name Galaxy Digital Partners LLC (CRD 289605) as placement agent. Holders subscribe and redeem in PYUSD, “subject to portfolio availability.” The public documents do not say how or when the fund pays a holder when its PYUSD runs short.

Who controls it

Galaxy says its “Digital Infrastructure” issues and manages SWEEP tokens on Solana, with Stellar and Ethereum planned. Neither Galaxy nor State Street has published the mint address. Two Solana mints use the ticker: FDaJx…Uv7X, named SWEEP, and 9GWok…4Ch9, named “State Street Liquidity Fund.” Both have no mint authority, no freeze authority, and a fixed supply near one billion. Their metadata points at hosts unrelated to either sponsor. A permissioned fund token needs an issuer able to mint, freeze, and restrict holders, so neither mint is the fund. Until a sponsor publishes the real mint, we cannot say who holds its keys.

Comparison

A qualified purchaser who wants cash yield on chain can hold tokenized Treasury funds whose contracts, keys, and terms are published and that Ketju has read, such as BlackRock’s BUIDL and Superstate’s USTB. SWEEP may become a strong product with a large anchor holder. Today it offers a ticker and a promise of 24/7 PYUSD redemption that depends on the fund’s own PYUSD balance. The evidence weighs against it, and only qualified purchasers may buy it. Ketju will open an eligibility file when a sponsor publishes the token.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.

ChainVerdictFreezeWhat it can do
SolanaApproved with limits Governed, no freeze no admin key can seize funds, but stake is concentrating and the Nakamoto coefficient is below 25.
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