Janus Henderson, the London-headquartered global asset manager overseeing approximately half a trillion dollars, has launched JQQQ, a new fund designed to track the Nasdaq-100 Index. This blockchain-native fund, developed in partnership with tokenization firm Centrifuge, will operate exclusively on the Stellar network.
The launch, announced on Tuesday, October 27, 2026, represents a significant step in bringing traditional equity benchmarks onto public blockchain infrastructure. JQQQ is positioned as the first issuer-sponsored fund of its kind, offering direct onchain exposure to the Nasdaq-100 for eligible professional investors outside the United States.
A truly onchain design for the Janus Henderson Nasdaq-100 fund
Unlike many tokenized products that are digital wrappers around existing securities, JQQQ has been engineered from its inception to be issued and managed entirely on blockchain rails. This foundational design allows its shares to integrate directly with other onchain applications and potentially serve as collateral within programmable financial ecosystems.
Anil Sood, Chief Strategy and Growth Officer at Centrifuge, highlighted the transformative potential. He stated, “Tokenization becomes much more powerful when the assets investors want to own can also become building blocks for an onchain financial system.” This approach aims to unlock greater flexibility and composability within the digital asset space.
The fund itself is structured as a segregated portfolio within Anemoy Capital SPC Limited, a company registered in the British Virgin Islands. Anemoy Asset Management Limited acts as the primary investment manager, with Janus Henderson Investors US LLC serving as the sub-investment manager, bringing its established expertise to the fund’s oversight.
Centrifuge provides the essential technological infrastructure for the fund’s onchain operations, while Nasdaq licenses its benchmark index.
The fund requires a minimum investment of $100,000 USDC and charges an annual management fee of 10 basis points (0.10%). Dealing terms include daily subscriptions and redemptions in USDC, with T+1 settlement and no entry or exit fees. However, Centrifuge’s investment portal currently notes that JQQQ is “Not open for investment yet.”
Stellar’s growing role in institutional tokenization
The choice of the Stellar network for JQQQ underscores its increasing prominence in the institutional tokenization landscape. Stellar was purpose-built for regulated finance, offering fast, low-cost transactions crucial for such financial products. Its infrastructure supports the compliant issuance and management of real-world assets.
Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, emphasized this strategic alignment. “Stellar was purpose-built for regulated finance, and we expect many more products like this to follow,” she noted, highlighting the network’s capacity to host sophisticated financial instruments.
The Stellar network has seen substantial growth in its real-world asset ecosystem, with tokenized assets on the platform surpassing $4 billion in 2026. This places Stellar as a significant player in the blockchain RWA sector, ranking fourth globally by distributed real-world asset value. The network hosts tokenized assets from major issuers, including Franklin Templeton and Ondo.
This rapid expansion aligns with broader industry trends. As institutions increasingly explore blockchain for financial products, the need for robust, compliant infrastructure becomes paramount. Stellar’s focus on regulated finance and established partnerships makes it an attractive venue for projects like JQQQ.
Janus Henderson’s expanding digital asset footprint
The launch of JQQQ is a clear indicator of Janus Henderson’s aggressive push into the digital asset space. The firm has publicly stated its ambition to become “the world’s most technologically sophisticated asset manager,” a goal actively pursued through its innovation initiatives. Nick Cherney, Janus Henderson’s Head of Innovation, affirmed the firm’s commitment.
Cherney stated that Janus Henderson is “a top five global provider of tokenized funds,” with its onchain platform now managing over $1 billion in institutional strategies. These strategies span a diverse range of assets, including U.S. Treasuries, structured credit, and public equities. This substantial existing portfolio demonstrates the firm’s deep engagement with blockchain technology.
JQQQ is not the first collaboration between Janus Henderson and Centrifuge. The two firms previously launched the Janus Henderson Anemoy S&P 500 Fund (SPXA) on the Base network in September. That fund also offered institutional investors onchain exposure to a major equity index, signaling a clear strategy to tokenize widely recognized financial benchmarks.
This consistent expansion into blockchain-native funds reflects a broader industry movement. Traditional asset managers are recognizing the efficiencies and new opportunities presented by tokenization. For instance, discussions around Canada’s stablecoin rule consultation show how regulators are grappling with the implications of digital assets, further underscoring the growing legitimacy and market presence of these products.
The broader landscape of real-world asset tokenization
The tokenization of real-world assets (RWAs) continues to be one of the most dynamic sectors in blockchain and finance. JQQQ’s launch further validates the growing institutional appetite for bringing tangible and traditional assets onto distributed ledgers. This trend is driven by demands for greater efficiency, transparency, and liquidity in financial markets.
The RWA tokenization market has seen exponential growth. By mid-2025, the global on-chain RWA market (excluding stablecoins) quintupled from $5 billion in 2022 to approximately $24 billion. This rapid expansion continued into early 2026, with the value of tokenized RWAs reaching roughly $25-30 billion, and some trackers estimating figures between $38 billion and $47.6 billion by September 2026.
Sean Wasserman, Head of Index Product Management at Nasdaq, highlighted the market