Goldman Sachs’ $100B Treasury Fund FTIXX Goes Live on Lynq

This is less a tokenization story than a distribution story: Goldman is extending an existing Treasury fund to digital-asset institutions without putting it on-chain, which keeps the legal and operational wrapper conventional. It matters because it validates crypto-native venues as a legitimate channel for traditional asset managers, even when the product itself is not tokenized. The contrast with BUIDL and BENJI is the real signal: tokenization is not the only route into this client base. Whether other large managers follow with distribution-only listings is the open question.