Goldman Brings $100B Treasury Fund to Crypto Firms Without Tokenising It

Goldman Sachs’ Financial Square Treasury Instruments Fund opened to institutional crypto firms on Monday through the Lynq settlement network, with broker-dealer tZERO handling access.

tZERO Group said access is limited to qualified US participants. tZERO said the addition expands the treasury and cash-management options available across Lynq.

“It also shows how established investment products can be supported by real-time settlement infrastructure designed for both traditional and digital assets”, the announcement stated.

Ordinary Shares, Not a Token

The fund held about US$105.3 billion (AU$149.5 billion) in net assets at 31 August, according to its latest monthly filing with the SEC. Its Institutional Shares, which trade under the ticker FTIXX, accounted for about US$97.3 billion (AU$138.2 billion) of that. 

The fund invests only in US Treasury obligations and operates as a government money market fund under Rule 2a-7. It reported a seven-day net yield of 3.58% at the end of the month.

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Lynq clients hold the same Institutional Shares as any other investor in that class, under the fund’s prospectus dated 30 March. No token of the fund is involved. BlackRock’s BUIDL, by contrast, is a tokenised Treasury fund that pays its dividends on-chain.

Franklin Templeton’s BENJI token likewise records the shares of its OnChain US Government Money Fund on public blockchains including Ethereum.

Goldman already keeps a blockchain record of fund shares elsewhere. In July 2025, it and BNY let institutions subscribe to tokenised money market fund shares on Goldman’s GS DAP platform, with BNY keeping the official books.

How Lynq Settles

Lynq was built by Arca Labs, Tassat and tZERO and went live in July 2025 with a first transaction on Avalanche. Thirteen digital asset firms were live at launch, with more than 50 in onboarding. 

Its settlement asset is TFND, a tokenised Treasury fund issued by Arca, and balances earn interest in two-second increments that pays out daily. U.S. Bank holds the cash as custodian, and tZERO Securities, an SEC-registered broker-dealer, operates the platform. A special-purpose broker-dealer at tZERO custodies the digital asset securities.

Tassat moved the network onto a dedicated, permissioned Avalanche Layer 1 on 29 April. Tassat said its infrastructure has settled more than US$2.5 trillion (AU$3.55 trillion) to date. 

The network had more than 30 institutions on board at the time of the move, among them B2C2, Crypto.com, FalconX, Fireblocks, Galaxy and Wintermute. The network’s TFND balances had reached about US$90 million (AU$128 million) by then and had paid more than US$235,000 (AU$333,700) in interest, according to Avalanche’s post on the migration.

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