Goldman Hands Crypto Firms a $100B Treasury Fund—No Tokenization Required, No Blockchain Lecture Attached 💼

Goldman Sachs is making its roughly $100 billion Treasury fund available to institutional digital-asset firms through a distribution channel that does not involve creating a tokenized version of the fund. The bank said Sept. 28, 2026, that its FTIXX money market fund will be offered on Lynq, a settlement network used by crypto firms, with trades handled by SEC-registered broker-dealer tZERO Securities. FTIXX is the first outside fund on Lynq, which previously hosted a single investment product. The arrangement differs from the approach taken by other Wall Street issuers: BlackRock built BUIDL as a tokenized fund, while Franklin Templeton offers tokenized shares of its money market fund through BENJI. Goldman Sachs is keeping FTIXX as a traditional fund and using Lynq as a new access point rather than launching a new blockchain-based product.

Lynq CEO Jerald David said the fund is designed to give digital-asset firms a place to park cash between trades and earn yield until the capital is needed elsewhere. "There's a convergence now that you're seeing between traditional market participants and digital asset market participants as well," David said in an interview with CoinDesk TV. He added that clients had been pressing for a treasury option on the platform, saying, "We needed to demonstrate that there was client demand. Our clients were looking for a treasury asset on the platform." The network counts B2C2, Wintermute, Galaxy ($GLXY, $23.03, market closed), FalconX, Crypto.com and Fireblocks among its users — firms that routinely move large sums between trades and have sought an interim yield option for idle balances.

By routing FTIXX through Lynq, Goldman Sachs gains distribution to crypto-native institutions without the operational lift of issuing an on-chain fund, while Lynq expands its product set beyond its original single offering. The structure preserves FTIXX's existing legal and operational form, with tZERO Securities handling trade execution under its SEC registration. The parties have not disclosed pricing terms or a specific launch date beyond the September 28 announcement window.