Most corporate cash sits in a bank account, exposed to fractional reserves and earning a yield that has nothing to do with the risk-free rate. Jiko, founded in 2016 in San Francisco by Stephane Lintner, has spent nearly a decade quietly rebuilding that primitive. The company is both a US bank and a registered brokerage, and it lets institutions and corporates hold cash directly in T-bills — sweeping balances into the safest dollar instrument that exists, in real time, with full transparency.

This dual bank-and-brokerage architecture is unusual and hard-won. It allows Jiko to deliver the user experience of a checking account while the underlying assets are short-duration US Treasuries, individually owned by the customer. For corporate treasurers, family offices and fintechs, that single change reframes what 'cash on the balance sheet' actually means: not an unsecured loan to a bank, but direct exposure to the world's deepest collateral.

Why does a Bitcoin-focused fund back a Treasury platform? Because at Fulgur we think the future treasury stack is barbell-shaped: T-bills for short-duration dollar liquidity, and Bitcoin for long-duration, non-sovereign savings. Both demand the same things — bearer-grade ownership, transparency, and modern rails. Jiko is the team executing on the dollar side with a rigor that mirrors what the best Bitcoin teams bring to the sat side.

Stephane and his team have built something genuinely new inside one of the most regulated industries on earth. We are excited to support Jiko as it expands the universe of institutions that can hold safer, smarter cash — and as it lays groundwork for a financial system where safety and innovation are no longer in tension.