Tokenization is moving from Treasuries into equity indexes: Janus Henderson and Centrifuge launched JQQQ, an onchain fund tracking the Nasdaq-100, issued on the Stellar blockchain. It is the first onchain fund licensed by Nasdaq to track the index.

The product follows an issuer-sponsored model. Janus Henderson, which manages roughly $500B, issues and manages the fund, Centrifuge provides the blockchain infrastructure and Nasdaq licenses the index. It follows SPXA, the tokenized S&P 500 fund the same partners launched last year.

Janus Henderson's onchain platform now holds more than $1B across Treasuries, structured credit and equities.

The launch lands amid a debate over third-party stock tokens, which may not give holders the underlying shares or shareholder rights. 22 companies recently objected to plans for blockchain trading of their shares on the OKX-ICE venue.