Janus Henderson and Centrifuge Launch Tokenized Nasdaq-100 Fund on Stellar

Janus Henderson and tokenization platform Centrifuge have launched a blockchain-based fund tracking the Nasdaq-100 Index on the Stellar network, extending the asset manager's institutional onchain business beyond US Treasurys and structured credit. The fund, called JQQQ, is available only to eligible professional investors outside the United States, with a minimum investment of $100,000, the Wall Street Journal reported.

The announcement, made Tuesday, marks a structural shift for Janus Henderson's tokenization strategy. Its institutional onchain strategies now exceed $1 billion in assets, according to the firm. For context, that figure represents a fraction of the $499 billion market capitalization of the Invesco QQQ Trust, the dominant Nasdaq-100 exchange-traded fund — a benchmark that signals how early the tokenized equivalent remains.

How is the fund structured?

JQQQ is structured as a segregated portfolio of a British Virgin Islands investment company. It provides indirect exposure to the Nasdaq-100 rather than direct ownership of the underlying stocks, a distinction that matters for how investors bear counterparty and tracking risk. The fund operates under a licensing agreement with Nasdaq, according to the announcement.

Centrifuge supplies the tokenization infrastructure. Stellar serves as the settlement layer. The arrangement places an equity-index product on a chain better known for real-world asset issuance than for US-listed equities.

The takeaway: this is a synthetic exposure vehicle wrapped in an offshore fund structure, not a tokenized version of an ETF.

Why did Nasdaq widen its licensing?

The launch follows Nasdaq's April decision to expand licensing of the Nasdaq-100 Index to additional asset managers, including BlackRock and State Street. Nasdaq retained its longstanding partnership with Invesco, which operates the QQQ Trust. Janus Henderson's entry into that licensing pool did not come with stated volume targets or a stated timeline for additional index products. Neither firm disclosed fee structures or expected assets under management for JQQQ.

The takeaway: Nasdaq is diversifying its index franchise across distribution channels, and tokenized wrappers are now one of them.

Where does Stellar stand in tokenization?

Stellar currently ranks fourth among blockchains by distributed real-world asset value, holding approximately $3.8 billion in tokenized assets, according to RWA.xyz. Ethereum, BNB Chain and Solana sit ahead of it. The network hosts issuers including Spiko, Franklin Templeton and Ondo.

Institutional commitments to Stellar are accumulating. In July, tokenization platform Tradable announced plans to bring up to $1 billion in private credit assets to the network, with $500 million expected at launch. The Depository Trust & Clearing Corporation said in May it would connect its tokenization service to Stellar, with DTCC-tokenized assets expected to become available in the first half of 2027 — potentially including US Treasurys, major index ETFs and Russell 1000 stocks.

Notably absent from the announcement: any US investor eligibility path, any disclosed expense ratio, and any committed asset figures for JQQQ itself. The market's response has been muted — Stellar's native token, XLM, has fallen about 16% year to date, trading near $0.17 on Tuesday, according to CoinGecko. Tokenization volumes have not translated into token appreciation, a disconnect worth watching.

The takeaway: Stellar's institutional pipeline is real but back-loaded, with the largest commitment, DTCC's, not landing until 2027.

Whether JQQQ attracts meaningful institutional demand at a $100,000 minimum, and whether Nasdaq licenses additional indexes for tokenized wrappers, will shape the competitive landscape through the first half of 2027.

By Elena Vasquez