EPOCH, Chainlink, and Synthesys Launch Tokenized Private Credit Fund in Six Markets

EPOCH Digital Credit, Synthesys, and Chainlink have jointly launched TreasuryPlus (TPLUS), a digitally native tokenized private credit fund distributed across 22 channels in six global financial markets from day one. It is the first tokenized private credit fund of its kind to combine institutional-grade fund administration with cross-chain interoperability and multi-platform global distribution at launch.

What Is TreasuryPlus (TPLUS) and How Does It Work?

TPLUS is a tokenized private credit fund built to generate yields higher than standard money market instruments. It supports 24/7 on-chain liquidity through both stablecoin and fiat subscription and redemption rails.

The fund is managed by EPOCH Digital Credit and administered by Ascent Fund Services, a traditional fund administrator. That integration is made possible by Synthesys Mint, which runs alongside Chainlink SmartData to deliver secure, verifiable on-chain NAV (net asset value) reporting.

In simpler terms: the fund operates like a conventional institutional credit vehicle, but its infrastructure is built natively on blockchain, removing the need for digital twins or bespoke Web3-only transfer agents that add cost and complexity.

TPLUS is built on Chainlink’s Cross-Chain Interoperability Protocol (CCIP) and its Digital Transfer Agent (DTA) technical standard. These tools allow the fund to operate across multiple blockchains simultaneously without duplicating structures or adding unnecessary intermediaries.

The fund is launching natively on Ethereum, Stellar, and Solana in early 2026, with further integrations planned across Avalanche, Canton, and other networks.

Why Most Tokenized Funds Have Fallen Short

Before TPLUS, tokenized fund structures shared a common set of limitations that restricted their reach and usefulness for institutional investors:

• Distribution was fragmented across siloed marketplaces, reducing access
• Many funds used digital twins rather than native structures, adding fee layers
• Integration with traditional fund administration was either unavailable or required custom Web3-only solutions

These constraints limited both liquidity and institutional compatibility. TPLUS is designed to address all three directly.

Darien Poh, CEO of Synthesys, described the fund’s positioning:

“For the first time, a digitally native fund is delivering exactly what tokenization has been promising: globally accessible, highly liquid, lower fees and democratized access to high-quality credit.”

Who Is Behind TPLUS, And What Is Their Track Record?

EPOCH’s senior investment team is led by Ken Steven and Bjoern Schwarz, each with over 20 years of experience in structured credit, receivables finance, and institutional asset management. Across multiple credit cycles, the team has executed nearly $9 billion in receivables transactions with zero credit defaults.

Ken Steven described the fund’s design intent:

“We specifically engineered TPLUS to deliver secured, short-duration private credit to onchain investors — real-world, risk-isolated yield generated from asset-backed exposures, not crypto-native yield or token incentives.”

Worth noting, TPLUS yield is generated from asset-backed exposures in receivables finance, not from token incentives or liquidity mining. For crypto-native investors used to those mechanics, this represents a structurally different risk profile.

How Does Synthesys Connect the Distribution Network?

Synthesys Network acts as the connective infrastructure layer between the fund and its distribution partners. It provides compliance infrastructure, API connectivity, and distribution rails across regulated marketplaces and broker-dealers in:

• Singapore
• Hong Kong
• United States
• United Kingdom
• Europe
• United Arab Emirates

Planned distribution partners include Pinetree Securities, Tokinvest, EX.IO, and Assetera, among others.

Niki Ariyasinghe, VP of APAC and ME at Chainlink Labs, commented:

“When you put institutional-grade fund administration with Chainlink’s data and interoperability standards operating together, you get a tokenized fund that can reach investors reliably across jurisdictions and chains.”

From Tokenized Treasuries to Tokenized Private Credit

Tokenized U.S. Treasuries gained traction in 2023 and 2024 as a low-risk, on-chain yield option. Products like Franklin Templeton’s BENJI and BlackRock’s BUIDL demonstrated that traditional asset managers could operate on-chain. TPLUS moves a step further up the yield curve, into private credit, while maintaining the liquidity provisions that institutional investors require.

Credit funds have historically delivered yield with structural protection that equity investments cannot. Tokenization adds what was previously missing from that equation: liquidity. TPLUS is designed to combine both.

The fund is available to Qualified Purchasers who meet applicable eligibility criteria, minimum investment thresholds, and the requirements set out in the investment documentation.

$LINK Classified as a Digital Commodity on the Same Day

The TPLUS launch coincided with a notable regulatory development. The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued a joint interpretation classifying Chainlink’s $LINK token as a digital commodity. The classification provides clearer regulatory positioning for the token and is viewed as a step toward broader institutional adoption of Chainlink’s infrastructure.

This came alongside joint SEC and CFTC guidance that defines regulatory boundaries for the broader crypto asset market, clarifying when digital assets fall under securities laws and when that classification may not apply. Officials stated that most crypto assets are not securities under this framework.

Conclusion

TPLUS brings together institutional credit management, traditional fund administration, and cross-chain infrastructure in a single fund structure. It operates across 22 distribution channels in six regulated markets from launch, supports both fiat and stablecoin transactions, and generates yield from asset-backed receivables rather than token incentives.

With nearly $9 billion in receivables executed by EPOCH’s team without a single credit default, the fund carries a verifiable institutional track record into a blockchain-native format. For eligible investors looking for secured, short-duration yield with on-chain liquidity, TPLUS offers a structure that did not exist in this form before today.

Resources

1. Press release by EPOCH and Synthesys: EPOCH Credit Partners with Synthesys and Chainlink to launch TPLUS Across 6 Global Financial Markets

2. Press release by CFTC: CFTC Joins SEC to Clarify the Application of Federal Securities Laws to Crypto Assets

3. 2022 Petition by Coinbase: Petition for Rulemaking – Digital Asset Securities Regulation