Janus Henderson and Centrifuge launch the Nasdaq-100 JQQQ tokenized fund on Stellar

On October 29, 2026, Janus Henderson Group plc, in partnership with Centrifuge GmbH, launched JQQQ, a tokenized fund replicating the Nasdaq-100 index on the Stellar blockchain. This initiative marks a key step in the integration of traditional assets and decentralized infrastructures, while leveraging the European MiCA regulatory framework to attract institutional investors. Context Janus Henderson, a regulated British asset manager, manages over $400 billion in assets under management (AUM) worldwide. Its partnership with Centrifuge, a German specialist in blockchain asset tokenization, is part of a growing trend: the democratization of index funds via native tokens. The Stellar (XLM) network, chosen for its efficiency and low costs, has already hosted several tokenization projects, but rarely with exposure to an index as iconic as the Nasdaq-100. This launch comes amidst a contrasting market context: crypto-assets are undergoing moderate corrections (XLM lost 4.22% over seven days, according to CryptoScore Pro as of October 29, 2026), while tokenized funds are gaining legitimacy. The MiCA regulation, which came into force in 2024, now provides a clear framework for these hybrid products, reducing legal uncertainties for European issuers and investors. The Facts The JQQQ fund, officially announced on October 29, 2026, presents the following characteristics: Structure and exposure : JQQQ replicates the Nasdaq-100 index, which had over 100 billion dollars in assets under management at the end of 2025 (source: Nasdaq). The token, issued on Stellar, allows for fractional ownership and 24/7 liquidity, unlike traditional funds. Technology : The token uses Stellar's "token-issued assets" protocol, compatible with ERC-20 standards. Transaction fees on Stellar are less than 0.00001 dollars, with transaction finality in 2 to 5 seconds. Centrifuge provides the decentralized financing layer, while Janus Henderson remains the official issuer, ensuring MiCA compliance. Timeline and market data : The secondary market for JQQQ is scheduled to open on November 15, 2026. A security audit of the Stellar smart contract is planned for December 1, 2026, but its results are not yet known. The price of the JQQQ token rose by approximately 5% on Stellar-compatible DEX platforms in the hours following the announcement, according to NewsBTC. No data on trading volumes or initial assets under management has been communicated. The Stellar network, on which JQQQ is based, showed a market capitalization of 5.91 billion dollars as of October 29, 2026, with a 24-hour trading volume of 121.94 million dollars (source: CryptoScore Pro). Its quality score, rated at 79.1/100 by the same platform, reflects an infrastructure deemed reliable, although its total value locked (TVL) remains modest (15.11 million dollars). Understanding Key Concepts Fund Tokenization Tokenization consists of representing a traditional asset (here, shares of an index fund) in the form of digital tokens on a blockchain. Each JQQQ token is equivalent to a fraction of the underlying fund, allowing for simplified ownership and exchange. For example, an investor can buy 0.1 JQQQ tokens for partial exposure to the Nasdaq-100, without having to acquire a full share of the fund, which is often inaccessible to individuals. MiCA (Markets in Crypto-Assets) MiCA is the European regulation that came into force in 2024 to provide a framework for crypto-assets. It imposes obligations regarding transparency, anti-money laundering, and investor protection. A tokenized fund such as JQQQ, issued by a regulated manager like Janus Henderson, must comply with these rules to be marketed in Europe. MiCA notably distinguishes "crypto-assets" from "asset-referenced tokens," the latter being backed by traditional assets (stocks, bonds, etc.). Total Value Locked (TVL) TVL measures the sum of assets deposited in a blockchain's protocols, reflecting its actual usage. On Stellar, the TVL of 15.11 million dollars (as of October 29, 2026) indicates a still limited adoption of decentralized applications compared to networks like Ethereum (several tens of billions of dollars). A low TVL can signal a liquidity risk for tokens issued on the blockchain. Analysis: what is at stake The launch of JQQQ by Janus Henderson and Centrifuge illustrates a key mechanism of asset tokenization: the transformation of a traditional financial product into an instrument tradable 24/7 on a blockchain, in this case, Stellar. This process relies on an interaction between supply – the creation of tokens backed by the Nasdaq-100 index – and demand, driven by institutional investors seeking regulated exposure to digital assets. Liquidity, still limited to DEX platforms compatible with Stellar, will depend on adoption by market makers and custodians, whose integration remains a point of friction. In terms of valuation, JQQQ benefits from a tangible anchor (the Nasdaq-100 index) and reduced fees, but its price will be influenced by the premium or discount relative to the fund's net asset value (NAV), a classic risk of tokenized products. Economic incentives – near-zero transaction fees and fast finality – could attract flows toward Stellar, to the detriment of other blockchains like Ethereum, where costs remain high. In the longer term, this launch could accelerate competition between L1 networks to capture tokenized assets, with an advantage for those offering clear regulatory compliance, such as Stellar under MiCA. Three scenarios are emerging: a gradual adoption by institutional investors if liquidity consolidates, stagnation in the event of resistance from traditional actors, or an acceleration if other asset managers follow suit. The impact on XLM, Stellar's native token, remains uncertain: although the project is strengthening its ecosystem, the correlation with Nasdaq-100 performance could limit its autonomy. Risks and Uncertainties Several unknowns weigh on JQQQ. First, the actual liquidity of the…