- Janus Henderson, which oversees roughly $500 billion, launched JQQQ with tokenization platform Centrifuge, a fund tracking the Nasdaq-100 Index issued on the Stellar blockchain. It is the first tokenized fund licensed by Nasdaq, following last year’s Janus Henderson Anemoy S&P 500 Fund (SPXA), the first tokenized index fund licensed by S&P Dow Jones Indices.
- Janus Henderson said its onchain investment platform now holds more than $1 billion across Treasuries, structured credit and equities. The launch extends tokenization beyond Treasuries, money market funds and private credit into stock-market products.
- JQQQ follows the issuer-sponsored model, in which Janus Henderson issues and manages the fund, Centrifuge provides the infrastructure and Nasdaq licenses the index. That contrasts with third-party stock tokens, whose holders may not own the underlying shares or get shareholder rights.
- The distinction is becoming central after 22 companies objected to plans for blockchain-based trading of their shares on the OKX-ICE venue. Funds like JQQQ could eventually serve as collateral for loans or move between onchain applications, subject to regulation and platform support.
What Happened?
Janus Henderson and Centrifuge said Tuesday they launched JQQQ, an onchain fund tracking the Nasdaq-100, home to companies including Nvidia, Apple and Microsoft. The fund is issued on Stellar. “Demand continues to grow for exposure to established, transparent benchmarks,” said Sean Wasserman, head of index product management at Nasdaq. Centrifuge’s Anil Sood said tokenization becomes more powerful when assets can serve as “building blocks for an onchain financial system.”
Why It Matters?
Having a major index licensor partner directly with an asset manager gives tokenized equities a regulatory and governance footing that third-party tokens lack. That matters as issuers push back on tokens created without their involvement. For crypto markets, it shows Wall Street building blockchain-native products rather than just digital wrappers for existing funds.
What’s Next?
Watch for demand for JQQQ and whether other index providers and asset managers follow with licensed onchain funds. The debate over issuer consent, highlighted by the OKX-ICE objections, could shape how regulators treat tokenized stocks. Use of such funds as collateral in onchain lending would be the next step to watch.
Affected Tickers and Coins: JHG, NDAQ, XLM
Source: CoinDesk
