Key Takeaways
- • Goldman Sachs' FTIXX, a roughly $100 billion Treasury fund, is being offered to institutional digital-asset firms through Lynq without being tokenized, according to CoinDesk.
- • FTIXX is the first outside fund on Lynq, which previously offered a single investment product, and is the second asset available on the platform.
- • Trades are handled by SEC-registered broker-dealer tZERO Securities, and clients can park idle cash in FTIXX between trades to earn yield.
- • Lynq reports more than 30 onboarded institutional digital-asset firms and more than $89 million in assets on its network.
- • The approach differs from BlackRock's tokenized BUIDL and Franklin Templeton's tokenized BENJI, positioning FTIXX as a traditional fund distributed via new blockchain-based rails.
Summary
Goldman Sachs is making its roughly $100 billion Treasury fund, FTIXX, available to institutional crypto firms through Lynq, a settlement network used by digital-asset companies, without creating a tokenized version of the fund. Trades are handled by SEC-registered broker-dealer tZERO Securities. The listing marks the first outside fund offered on Lynq, which previously had a single investment product on the network.
The structure contrasts with much of Wall Street's push into blockchain-based funds. BlackRock's BUIDL is built as a tokenized fund, and Franklin Templeton offers tokenized shares of its money market fund through BENJI. FTIXX remains the same traditional fund, with Lynq serving as an additional distribution channel. As described by the publication, Goldman does not need to build a new blockchain product to reach crypto firms; instead, Lynq is bringing an established Wall Street fund into the money-movement workflow those firms already use.
Lynq CEO Jerald David, speaking to CoinDesk TV, said client demand drove the addition. Firms on the network, including B2C2, Wintermute, Galaxy (GLXY), FalconX, Crypto.com and Fireblocks, often move large sums between trades and wanted a yield-bearing place to hold cash in the interim. David said clients sought a treasury asset with a different yield profile than the existing instrument on the platform. He framed the move as evidence of a broader convergence between traditional market participants and digital-asset firms.
Integrating FTIXX required Lynq to modify its technology, restrict access to U.S. clients and integrate with Mosaic. Customers must have a relationship with tZERO Securities and pass required onboarding and eligibility checks. Lynq runs on a private, permissioned Avalanche (AVAX) Layer 1 blockchain and, according to the company, has more than 30 institutional digital-asset firms onboarded and more than $89 million in assets. David said the platform is now multi-asset capable, with FTIXX as the second asset available to institutional clients.
The structure contrasts with much of Wall Street's push into blockchain-based funds. BlackRock's BUIDL is built as a tokenized fund, and Franklin Templeton offers tokenized shares of its money market fund through BENJI. FTIXX remains the same traditional fund, with Lynq serving as an additional distribution channel. As described by the publication, Goldman does not need to build a new blockchain product to reach crypto firms; instead, Lynq is bringing an established Wall Street fund into the money-movement workflow those firms already use.
Lynq CEO Jerald David, speaking to CoinDesk TV, said client demand drove the addition. Firms on the network, including B2C2, Wintermute, Galaxy (GLXY), FalconX, Crypto.com and Fireblocks, often move large sums between trades and wanted a yield-bearing place to hold cash in the interim. David said clients sought a treasury asset with a different yield profile than the existing instrument on the platform. He framed the move as evidence of a broader convergence between traditional market participants and digital-asset firms.
Integrating FTIXX required Lynq to modify its technology, restrict access to U.S. clients and integrate with Mosaic. Customers must have a relationship with tZERO Securities and pass required onboarding and eligibility checks. Lynq runs on a private, permissioned Avalanche (AVAX) Layer 1 blockchain and, according to the company, has more than 30 institutional digital-asset firms onboarded and more than $89 million in assets. David said the platform is now multi-asset capable, with FTIXX as the second asset available to institutional clients.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.