Goldman Sachs has made its approximately $105 billion Treasury fund available to qualified U.S. crypto firms through the Lynq settlement network. The move lets crypto participants earn yields on cash balances held between trades. Lynq runs on a private Avalanche blockchain purpose-built for institutional settlement; the underlying Treasury fund itself remains non-tokenized.
What it moves
AVAX, BTC, ETH
Bull vs bear
Bulls read this as deepening institutional integration, validating on-chain settlement rails and pulling more traditional capital into crypto cash management. Bears see it as a limited, permissioned offering that keeps real yield and custody inside Goldman’s walled garden, reinforcing centralized intermediaries rather than native DeFi primitives.