Goldman's $105bn Treasury fund reaches crypto firms on Lynq untokenized, while its token share class holds $10,424

What happened

tZERO said on 28 September 2026 that it is bringing its regulated broker-dealer capabilities to the Goldman Sachs Financial Square Treasury Instruments Fund, FTIXX, "facilitating access for qualified U.S. participants through the Lynq Real-Time Settlement Network that we power". CoinDesk reports that it is the first outside fund on Lynq and the network's second investment product, that trades are handled by tZERO Securities, and that clients must be onboarded by tZERO and meet eligibility checks. Lynq "runs on a private, permissioned Avalanche (AVAX) Layer 1 blockchain", and the company says it has more than 30 institutional digital-asset firms onboarded and more than $89 million in assets. The fund's own filing for 31 August, its N-MFP3 on EDGAR, gives the Treasury Instruments series net assets of $105,268,288,012.76. The shares on Lynq are the Institutional class, which held $97,305,353,182.45 of it. The same fund has a class called Token Shares, which held $10,424.54.

Why it matters

A trading firm holds cash between trades and wants it to earn a Treasury yield without leaving the place it settles. There are two ways to give it that: put the fund on the chain, as a tokenized share class does, or put a route to the ordinary fund inside the network the firm already uses. Goldman's fund offers both, and the filing shows which one has been used. The tokenized class holds about ten thousand dollars in a fund of more than a hundred billion, and the untokenized class is the one now offered on a blockchain network. The arrangement also leaves the fund as it was. Nothing in tZERO's post changes FTIXX itself: the shares on offer are the ordinary class, bought through a registered broker-dealer. So the network gets a Treasury asset without a tokenized security, and Goldman reaches crypto trading firms without issuing anything new. Lynq's chief executive, Jerald David, told CoinDesk TV that clients wanted "a treasury asset on the platform that may have had a different yield profile than the other instrument that's on there right now".

What is not settled

tZERO's post carries no figures and quotes no one at Goldman Sachs, and no statement from Goldman was read for this story. It does not say how a Lynq balance becomes a fund share and back, how quickly redemptions settle on the network, or what the integration with Mosaic that CoinDesk mentions does. The other product on Lynq is not named in any document read here. The reports disagree on the fund's size and one is closer to the filing. CoinDesk puts it at roughly $100 billion. Unchained gives about $105 billion at the end of August from Goldman's monthly filing, with $97.3 billion in the Institutional class and about $10,400 in Token Shares, and all three match the N-MFP3. Unchained also reports that the fund's May 2025 prospectus said the fund itself did not then use blockchain technology, which this story did not read. Whether the tokenized class is expected to grow, or exists mainly for intermediaries, neither firm says.