tZERO puts Goldman Sachs' Treasury money market fund on Lynq without tokenising the shares

Shawn Jhanji

Sep 29

4 min read

Updated: 6 days ago

tZERO said on 28 September 2026 that shares in the Goldman Sachs Financial Square Treasury Instruments Fund are now available to qualified clients in the United States through Lynq, a settlement network running on a permissioned Avalanche blockchain. The shares on offer are the ordinary institutional class. They have not been tokenised.

Empty office trading floor at dawn with rows of white desks, dark monitors and sunlight across the carpet — The buyer of this arrangement is a treasury team, not a token holder.

A money market fund is a pooled fund holding short-dated government debt and similar instruments, run to keep its value stable so that treasury teams can park cash somewhere that still earns a return. The Goldman fund, which trades under the ticker FTIXX, is among the largest of its kind. Unchained, reporting the arrangement on 28 September, put its net assets at 105 billion dollars as at the end of August. Crowdfund Insider, writing the same day, described it as a 100 billion dollar fund. The two figures were published within hours of each other and the desk has not been able to reconcile them.

The network is the part worth noting for future reference. Lynq is a settlement network, meaning the shared record on which two institutions agree that a trade is final and that cash and asset have actually changed hands. It launched in July 2025 and was built by Arca Labs, tZERO and Tassat. Unchained reported that it now carries more than 30 institutional clients and 89 million dollars of assets, and that the Goldman fund is the first external fund to appear on it. Named participants include B2C2, Wintermute, Galaxy, FalconX and Crypto.com.

Access is narrow. Unchained reported that clients must be qualified United States firms and must onboard through tZERO Securities. Neither account mentions the United Kingdom, Europe or the FCA, and the arrangement as described puts no United Kingdom regulator in the loop.

The number that reframes the story

Unchained also reported that a separate tokenised share class of the same fund, GDTXX, held around 10,400 dollars. Set that beside a fund measured in tens of billions and the ratio, not the technology, is the obvious finding. The tokenised wrapper exists but almost nobody is holding it . . . . yet.

Crowdfund Insider was blunt about the same point, writing that "while not a tokenization of the fund, it is a win for tZERO as it uses Lynq for distribution and management". Jerald David, who runs Lynq, told Unchained: "We needed to demonstrate that there was client demand."

Together, these two lines describe a market that has decided what it wants. It wants the rail but has not yet decided that it wants the wrapper.

What this means for a company deciding where its register sits

There is a habit, in the founder-facing corner of this market, of treating tokenisation and modern settlement as the same project. This announcement appears to pull them apart. The buyer here is a treasury team that wants cash to move between a trading venue and a government debt fund without waiting on a bank wire, and that outcome was delivered by putting an ordinary fund share on a faster shared ledger. The legal form of the share never changed.

That matters for anyone raising money in the United Kingdom on the premise that a tokenised instrument is what institutions are asking for. On the evidence of 28 September, what large institutions are buying is settlement speed and operational tidiness.

Tokenisation is one way to get there and, in this case, it was not the way chosen. Franklin Templeton has taken the other route, bringing its tokenised money market fund to Asia through HashKey Exchange with a genuinely tokenised share class distributed by a licensed venue. Both approaches are now live. Only one of them needed a token.

Looking ahead, the open question is whether the tokenised share class stays empty because the product is early or because nothing about it is needed. A 10,400 dollar balance against a fund of this size does not settle that. It does mean that anyone quoting institutional tokenisation volumes should be asked which share class the money is actually sitting in.

Key takeaways

tZERO said on 28 September 2026 that the Goldman Sachs Financial Square Treasury Instruments Fund is available to qualified United States clients on the Lynq settlement network.
The shares being distributed are the ordinary institutional class and have not been tokenised.
A tokenised share class of the same fund, GDTXX, held around 10,400 dollars according to Unchained, against a fund reported at 100 billion to 105 billion dollars.
Lynq launched in July 2025, was built by Arca Labs, tZERO and Tassat, and carries more than 30 institutional clients and 89 million dollars of assets.
Access is restricted to qualified United States firms onboarded through tZERO Securities, with no United Kingdom or European availability described.

Frequently asked questions

Has tZERO tokenised the Goldman Sachs Financial Square Treasury Instruments Fund on Lynq?

No. tZERO said on 28 September 2026 that shares in the fund are available to qualified United States clients through Lynq, but the shares on offer are the ordinary institutional class and have not been tokenised.

What is the Lynq settlement network?

Lynq is a settlement network running on a permissioned Avalanche blockchain, launched in July 2025 and built by Arca Labs, tZERO and Tassat. Unchained reported that it carries more than 30 institutional clients and 89 million dollars of assets.

How much is held in the tokenised share class of the Goldman Sachs Treasury fund, GDTXX?

Unchained reported that the tokenised share class, GDTXX, held around 10,400 dollars. That compares with a fund reported at between 100 billion and 105 billion dollars in net assets.

Who can access the Goldman Sachs fund through tZERO and Lynq?

Access is limited to qualified United States firms that onboard through tZERO Securities. Neither report describes availability in the United Kingdom or Europe.

This is general information, not legal, tax or investment advice.