Janus Henderson and Centrifuge launch first Nasdaq-licensed tokenized fund

A Nasdaq index tokenized on Stellar by its own manager

Janus Henderson, a London-based asset manager with about $500 billion under supervision, has launched a tokenized fund on the Stellar blockchain that tracks the Nasdaq-100 Index. The fund, called JQQQ, was announced on Tuesday with tokenization platform Centrifuge, which provides the blockchain infrastructure.

Unlike some tokenized stock products created by outside firms, JQQQ is issued and managed by Janus Henderson itself. The Nasdaq-100 index is licensed by Nasdaq. The Nasdaq-100 includes companies such as Nvidia, Apple and Microsoft.

Key details

• Janus Henderson and Centrifuge launched JQQQ, an issuer-sponsored fund tracking the Nasdaq-100 Index.


• The fund runs on Stellar, a public blockchain used for moving digital assets.


• Nasdaq licenses the index that the fund tracks.


• Janus Henderson said its on-chain investment platform now holds more than $1 billion across Treasuries, structured credit and equities.


• The launch follows Centrifuge's SPXA, a tokenized S&P 500 index fund licensed by S&P Dow Jones Indices, introduced last year.

Issuer-backed versus outside tokens

JQQQ follows an issuer-sponsored model. Janus Henderson issues and manages the fund, Centrifuge provides the blockchain infrastructure and Nasdaq licenses the index to track.

That differs from third-party stock tokens, which may be backed by shares held in custody or structured as separate instruments that simply track stock prices. Investors in those products do not necessarily own the underlying shares or receive shareholder rights.

That distinction sits at the center of an ongoing debate about tokenization. Recently, 22 companies objected to plans for blockchain-based trading of their shares on a venue operated by OKX-ICE, raising questions about whether companies whose stocks are tokenized should have a say.

Sean Wasserman, head of index product management at Nasdaq, said demand continues to grow for "exposure to established, transparent benchmarks" as investors explore new ways to access markets through digital infrastructure.

Why this matters

The move expands Wall Street's tokenization push beyond U.S. Treasuries, money market funds and private credit into stock-market products. It also illustrates a shift toward funds built to operate on blockchains from the start, rather than as simple digital copies of existing products.

Such funds could eventually allow investors to use their holdings as collateral for loans or move them between blockchain-based financial applications, subject to regulatory requirements.

What is confirmed

• Janus Henderson and Centrifuge launched JQQQ, tracking the Nasdaq-100 Index.


• The fund is issued on the Stellar blockchain.


• Nasdaq licenses the index.


• Janus Henderson's on-chain platform holds over $1 billion.

What is still unclear

Details about whether and when investors can buy JQQQ were not provided in the source material. The article also did not confirm the fund's fees, minimum investment amounts or which distribution channels will carry it.

Sources

• CoinDesk

Read also: Securitize adds Stellar blockchain to its tokenized asset platform