SS #98 - State Street, Galaxy Launch Onchain Sweep Fund

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TradFi's tokenization push is graduating from pilot to plumbing, with State Street and Galaxy quietly routing client cash through Solana and PYUSD via SWEEP, even as the suspicious absence of anchor investor Ondo raises questions about who's actually showing up with size.

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In Today's Edition:

• Headline: State Street, Galaxy Launch Onchain Sweep Fund

• Quick Bites: OpenTrade Raises $17M

• Yield of the Week: superUSDC/USDC LP's 21.02% APY

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HEADLINE

State of play: State Street and Galaxy launched SWEEP, a tokenized fund on Solana that lets qualified purchasers sweep stablecoins into a yield-bearing vehicle for 24/7 onchain cash management.

• The fund uses Galaxy's tokenization stack, Anchorage custody, Chainlink for NAV and messaging, and supports PYUSD subscriptions and redemptions.

• SWEEP will expand to Stellar and Ethereum, joining BlackRock's BUIDL and Franklin's BENJI in the tokenized treasury fund category.

• Ondo Finance was previously named lead anchor investor at $200M via OUSG but was notably absent from Tuesday's launch release.

What’s Next: SWEEP expands to Stellar and Ethereum, with the Ondo anchor question likely answered in the coming weeks as more qualified purchasers onboard.

Why it Matters: A $54.5T custodian routing client cash through Solana and PYUSD is the clearest signal yet that stablecoin sweep vehicles are becoming standard TradFi plumbing, not a crypto experiment.

Our Take: The real story is the quiet Ondo omission. Anchor investors don't usually disappear from launch day press releases without a reason, and SWEEP's economics depend on whoever actually shows up with size.

QUICK BITES

• SoFi to launch its stablecoin on Solana.

• OpenTrade raises $17M to expand stablecoin yield infrastructure.

• Polygon rolls out private stablecoin payments targeting institutions.

• Stablecoin industry opposes Bank of England’s unhosted wallet ban.

• State Street and Galaxy launch Solana fund to sweep stablecoins into yield.

• Bitwise CIO says big tech stablecoin tests could help drive $4T supply by 2030.

YIELD OF THE WEEK

superUSDC/USDC LP (Pendle): 21.02% APY

• The pool accepts superUSDC deposits and provides liquidity for Superform's USDC yield vault, maturing November 26, 2026, with ~$1.28M in pool liquidity and additional sUP and UP point rewards on top of base yield.

• Capital is split across superUSDC SY (~$1.08M, 85.03%) and PT superUSDC (~$191k, 14.97%), earning a blended yield from underlying lending, off-chain incentives, PT yield, and Pendle LP fees plus 22.55 daily PENDLE rewards.

• Yield is generated from USDC lending across Morpho, Euler, and Fluid, with LP APY composed of 2.79% underlying yield, 15.22% off-chain incentives (sUP and UP rewards), 1.01% PT yield, and 1.99% Pendle LP fees.

PT reUSDe (USDe) via Pendle: 16.59% APY

• The market accepts reUSDe deposits and provides fixed-yield exposure to re.xyz's insurance-backed stablecoin, maturing June 25, 2026, while also earning 5x Sats and 30x Re points for KYC-verified users.

• Capital is deployed into re.xyz's insurance underwriting platform via Pendle Router, with 1 reUSDe converting to 1.35411 USDe at maturity.

• Yield is generated from underwriting low-volatility personal and commercial insurance lines on re.xyz, with the PT locking in a fixed 16.59% APY while YT holders capture remaining variable yield and points.

9Summits Flagship USDC: 11.41% APY

• The vault accepts USDC deposits on ETH and deploys capital across a diversified set of DeFi strategies including DEX liquidity provision, MM lending, fixed income protocols, and depegged stablecoin arbitrage, with ~$4.15M in total deposits.

• Capital is dynamically allocated across leading protocols including Lagoon Finance, Morpho, Euler, and Silo, with optional Nexus Mutual coverage available for depositors at 3.21% annually.

• Yield is generated from trading fees, lending activity, fixed-rate strategies, and stablecoin arbitrage opportunities, delivering an 11.41% net APR after a 20% performance fee and 0% management fee.

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