Goldman Sachs is putting its Financial Square Treasury Instruments Fund, FTIXX, on Lynq. Institutional digital-asset firms that already settle on that network can buy the fund and sell it when they need the cash.
FTIXX is a registered money-market fund that holds US Treasuries and repurchase agreements and seeks a $1.00 share price. Assets are about $105 billion. The shares stay ordinary fund shares. There is no FTIXX token.
Trades go through tZERO Securities, an SEC-registered broker-dealer. FTIXX is the first fund on Lynq that Lynq did not issue itself. tZERO set out the arrangement on September 28.
Is Goldman’s FTIXX a tokenized fund?
BlackRock’s BUIDL and Franklin Templeton’s BENJI are tokenized fund shares. FTIXX is not. Goldman has not issued a new share class or changed how FTIXX is constituted. It has given another set of buyers a way to subscribe through Lynq. The fund still aims at a $1.00 NAV. That is not a guarantee. Institutional shares showed a year-to-date return of 2.68 percent as of September 29, on Goldman’s fund page.
That distinction is important for anyone holding stablecoins or tokenized T-bills. They are not being offered a new on-chain instrument. They are being offered a regulated Treasury fund through the settlement network they already use.
Goldman reaches those firms without standing up a tokenized share class or a new transfer agent. tZERO sits in the middle as the broker.
Lynq can now take orders in FTIXX. That does not tell you how much has been subscribed. Watch the next fund filing, or a figure from Lynq, for the size of the book.
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