Goldman Sachs is routing its roughly $100 billion Treasury fund, ticker FTIXX, to institutional crypto firms through Lynq, a settlement network built for digital-asset market makers and now serving more than 30 institutional members including B2C2, Wintermute and Galaxy.

FTIXX is the first outside fund available on Lynq and the network's second listed product, according to Lynq CEO Jerald David. The arrangement does not involve tokenization. Subscriptions and redemptions clear through tZERO Securities, an SEC-registered broker-dealer, while Lynq handles cash and share movement on a private, permissioned Avalanche Layer 1 blockchain.

What does FTIXX give institutional crypto treasuries?

For Lynq's institutional members, FTIXX functions as a yield-bearing cash equivalent inside the same settlement rails they already use to move collateral between trades. Liquidity providers can park idle balances in the Treasury fund and pull capital back when they need to deploy it.

"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.

The route differs from BlackRock's BUIDL and Franklin Templeton's BENJI, both of which issue tokenized shares on public or permissioned blockchains. FTIXX continues to operate as a traditional fund. Lynq sits as a distribution layer on top, integrating with Mosaic — Goldman Sachs's order and execution system — to wire the product into crypto-native workflows.

Why skip a tokenized wrapper?

A traditional structure avoids the disclosure and operational overhead of an on-chain share class and lets Goldman Sachs plug an existing regulated fund into digital-asset workflows without spinning up a tokenized wrapper. "We needed to demonstrate that there was client demand," David said. "Our clients were looking for a treasury asset on the platform that may have had a different yield profile than the other instrument that's on there right now."

Integrating FTIXX required Lynq to modify its technology, restrict platform access to U.S. clients and connect with Mosaic. Each Lynq customer must also hold an account with tZERO Securities and pass the broker's onboarding and eligibility checks before subscribing.

How does the plumbing work?

Lynq's permissioned Avalanche subnet previously hosted a single yield product. Adding FTIXX as a second asset, settled through tZERO Securities, gives members a regulated Treasury alternative without leaving their existing workflow.

"The Lynq platform itself now is multi-asset capable," David said. "We're really excited that FTIXX, Goldman Sachs's flagship treasury fund, is the second asset now available for institutional clients."

The company reports more than $89 million in assets and more than 30 institutional digital-asset firms onboarded.

What does this change for market structure?

Goldman Sachs essentially exports distribution infrastructure — Mosaic plus its SEC-regulated broker arm — onto a settlement rail designed for always-on crypto markets while leaving FTIXX's prospectus and accounting treatment untouched. The build also gives the industry a working counter-example to the assumption that institutional Treasury access requires tokenization.

Lynq plans to onboard additional off-platform funds and extend multi-asset settlement beyond the United States once non-U.S. broker-dealer arrangements clear compliance. The broader rollout of the FTIXX workflow across Lynq's client base is already underway, David said, with no firm timeline for international expansion disclosed.