Goldman Sachs is distributing its roughly $100 billion FTIXX Treasury fund to crypto-native trading firms through Lynq, a settlement network built on a private, permissioned Avalanche Layer 1 blockchain. Unlike BlackRock and Franklin Templeton, Goldman is not tokenizing the fund — it is adding a new blockchain-based distribution rail instead.
Goldman Sachs is routing its roughly $100 billion FTIXX Treasury fund into crypto markets through Lynq, a real-time settlement network built on a private, permissioned Avalanche Layer 1 blockchain. Instead of tokenizing the fund, the approach favored by rivals like BlackRock and Franklin Templeton, Goldman is giving crypto-native institutions a new way to access it.
How the distribution works
FTIXX remains a conventional money-market product, subject to the same regulatory framework it always has been. Lynq simply provides a new distribution rail, letting crypto-native trading firms access the fund through blockchain-based settlement rather than legacy financial pipes.
Transactions on the platform are processed through tZERO Securities, an SEC-registered broker-dealer. Clients need to pass eligibility checks and maintain a relationship with tZERO to gain access, and for now the offering is limited to eligible US clients.
Lynq's client roster
Lynq has onboarded more than 30 institutional clients, including B2C2, Wintermute, Galaxy, FalconX, Crypto.com, and Fireblocks. Collectively, these firms hold more than $89 million in assets on Lynq.
The Goldman fund is the first external product available on Lynq, which previously offered only a single investment product. For trading firms, parking idle cash in a Treasury fund through Lynq lets that cash generate yield in near-real-time, without wiring money out to a traditional brokerage account and waiting for settlement.
A different path from tokenized funds
BlackRock's BUIDL fund tokenizes Treasury exposure on Ethereum, and Franklin Templeton has pursued a similar path with its own on-chain money-market fund. Goldman's approach deliberately avoids tokenization, keeping FTIXX in its existing legal and regulatory structure.
That sidesteps questions about token classification, custody standards, and cross-jurisdictional regulatory treatment. But it also means FTIXX shares can't move freely across DeFi protocols or serve as collateral the way tokenized fund shares theoretically can.
Built on a migrated Avalanche network
Lynq was established through a collaborative effort among Arca Labs, Tassat Group, and tZERO, officially launching in July 2025 after an 18-month development phase. It migrated in April 2026 to a permissioned Layer 1 infrastructure on Avalanche for better control over validators, configuration, privacy, and performance.
Source: Crypto Briefing
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