Hassan Maishera
Chainlink announced via X on Wednesday that State Street Investment Management and Galaxy Asset Management have launched the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenized private liquidity fund, powered by Chainlink.
Through NAV data and CCIP, Chainlink is enabling regulated yield-bearing liquidity in 24/7 digital markets. SWEEP is powered by Galaxy’s Digital Infrastructure, which provides the tokenization technology and digital infrastructure supporting the issuance and management of SWEEP tokens.
The fund is built to allow stablecoin holders to sweep their stablecoin into a yield-bearing asset. SWEEP launches on the Solana blockchain, with additional blockchain integrations planned, including Stellar and Ethereum.
SWEEP allows investors to use PayPal USD (PYUSD) stablecoins for subscriptions and redemptions, subject to portfolio availability, and is available to Qualified Purchasers that meet certain eligibility criteria and minimum investment amounts.
Chainlink is the industry-standard oracle platform bringing the capital markets onchain and a market leader powering the majority of decentralized finance (DeFi). Chainlink stands to benefit most from emerging blockchain industry trends, such as stablecoin adoption, real-world asset tokenization, and institutional adoption of blockchain technology.
Chainlink is powered by the LINK token, which is used to pay for platform services and secure the network’s proper functioning. Chainlink leverages a novel fee model where offchain and onchain revenue from enterprise adoption is converted to LINK tokens and stored in a strategic Chainlink Reserve.
Chainlink is at the forefront of financial innovation and the global tokenization trend. Traditional financial institutions and infrastructure, such as SWIFT, DTCC, Euroclear, J.P. Morgan, Mastercard, the Central Bank of Brazil, UBS, SBI, Fidelity International, ANZ, and many others, are adopting Chainlink as a fundamental infrastructure as they move toward tokenizing trillions onchain. Demand for Chainlink has already generated hundreds of millions of dollars in revenue across a variety of traditional and decentralized use cases.
Chainlink Network (LINK) aims to provide tamper-proof inputs and outputs of data for smart contracts on any blockchain. LINK is up 0.5% over the past 24 hours, trading at $9.88.
