UBS and Galaxy Asset Management have teamed up for a major move—launching an on-chain money market fund SWEEP early next year.
This product will be launched first on Solana, using PYUSD as the settlement tool. Its biggest highlight is 24/7 subscription and redemption, eliminating the need to wait for bank operating hours. However, it should be noted that currently it is only open to qualified investors.
Ondo Finance has already invested nearly $200 million as seed funding, effectively backing this project.
The future plan is also quite clear: gradually integrating Stellar and Ethereum, and planning to use Chainlink’s services on the technical level. Traditional financial giants are truly moving onto the blockchain this time, seemingly aiming to bring the traditional money market fund business directly onto the blockchain.
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UBS and Galaxy Asset Management have teamed up for a major move—launching an on-chain money market fund SWEEP early next year.
This product will be launched first on Solana, using PYUSD as the settlement tool. Its biggest highlight is 24/7 subscription and redemption, eliminating the need to wait for bank operating hours. However, it should be noted that currently it is only open to qualified investors.
Ondo Finance has already invested nearly $200 million as seed funding, effectively backing this project.
The future plan is also quite clear: gradually integrating Stellar and Ethereum, and planning to use Chainlink’s services on the technical level. Traditional financial giants are truly moving onto the blockchain this time, seemingly aiming to bring the traditional money market fund business directly onto the blockchain.