Goldman brings $100 billion onto crypto rails
FTIXX is the first external fund offered on Lynq. The move extends a trend already well underway on Wall Street: BlackRock, JPMorgan and Goldman Sachs are also participating in DTCC’s work on market tokenization.
The fund in question is the Goldman Sachs Financial Square Treasury Instruments Fund, institutional share class FTIXX. It invests exclusively in U.S. Treasury securities and seeks to maintain daily liquidity. As of March 31, 2026, Goldman Sachs Asset Management reported $100.22 billion in assets in the fund. Its seven-day current yield still stood at 3.59% as of September 9.
For crypto companies, the benefit is fairly concrete. A market maker, for example, may have tens or hundreds of millions of dollars waiting for several hours or days before being redeployed.
On Lynq, that cash can be invested in FTIXX instead of remaining idle.
Wintermute, Galaxy, B2C2, FalconX, Crypto.com and Fireblocks are already among the companies using or connected to the Lynq ecosystem. More than 30 institutions are reportedly integrated with the network.
The $100 billion is not tokenized
That distinction changes almost the entire story.
Goldman Sachs is not tokenizing $100 billion worth of Treasuries here. FTIXX retains its traditional legal and financial structure. Lynq is simply becoming a new channel through which companies in the crypto sector can access it. Transactions are processed through tZERO Securities, an SEC-registered broker-dealer.
Lynq nevertheless operates on a private, permissioned blockchain built around Avalanche. Its infrastructure enables real-time settlement and seeks to preserve the yield on liquidity while it awaits deployment.
This differs from BlackRock’s BUIDL or Franklin Templeton’s BENJI. In those models, fund shares exist directly in tokenized form. BrefCrypto had already identified Treasuries and money market funds as one of the first genuinely solid use cases for RWAs.
Goldman itself is pursuing both paths. Its website now lists a Token Shares class, ticker GDTXX, for the Financial Square Treasury Instruments Fund. Since 2025, Goldman has also been working with BNY on digital representations of money market funds through GS DAP.
FTIXX on Lynq is nevertheless something else: the fund does not become a token. Instead, crypto infrastructure is being brought to the fund.
Wall Street brings cash closer to crypto markets
The distinction may seem technical. Yet it illustrates the sector’s current institutionalization quite clearly.
Large crypto trading firms need collateral, settlement and treasury management. Holding several million dollars without earning a return between two transactions costs money. With a Treasury fund accessible from the same operational environment, part of that capital can continue generating a return before being redeployed.
The move therefore looks less like speculative adoption of Bitcoin or Ethereum than a gradual merger of infrastructures.
Goldman is not asking an institutional treasurer to replace their Treasury bills with a new token. It is allowing them to retain a familiar financial product while bringing it closer to companies that already operate on blockchain rails.
This approach will likely coexist with pure tokenization. Franklin Templeton is already using BENJI for its on-chain money market funds, while BlackRock is pushing BUIDL and Goldman is developing its own tokenized shares.
Lynq still manages only approximately $89 million in assets, according to figures cited by its executive. Compared with FTIXX’s roughly $100 billion, the gap is enormous. This announcement should therefore not be read as $100 billion suddenly moving onto Avalanche.
The signal lies elsewhere: a traditional fund of this size now considers crypto companies a sufficiently credible distribution channel to adapt its infrastructure.
The boundary between traditional finance and crypto is not disappearing overnight. It is simply becoming less and less useful.
