Stellar has added $3 billion in tokenized fund market capitalization over the past year as its asset mix expands beyond cash and fixed-income products into public-equity strategies. The milestone coincides with the launch of JQQQ, a new Nasdaq-100-linked fund from Janus Henderson and Centrifuge. According to Centrifuge’s official announcement, JQQQ is now live exclusively on Stellar as a blockchain-native investment fund licensed to track the Nasdaq-100 Index.
The $3 billion figure requires an important distinction. Token Terminal measured the increase in Stellar’s overall tokenized fund market capitalization during the previous 12 months, placing the network behind BNB Chain’s $3.7 billion increase and ahead of Solana’s $1.8 billion. It does not represent JQQQ assets, capital raised by Centrifuge or money flowing into Stellar because of the new launch. Centrifuge has not disclosed JQQQ’s current AUM.
JQQQ Brings Nasdaq-100 Exposure Onchain
JQQQ is structured as the Janus Henderson NASDAQ-100 Index Fund Segregated Portfolio, a segregated portfolio of British Virgin Islands-based Anemoy Capital SPC Limited. Anemoy Asset Management serves as investment manager, while Janus Henderson Investors US LLC acts as sub-investment manager and Centrifuge supplies the onchain fund infrastructure. Investors receive exposure through a regulated fund structure rather than a standalone token designed merely to reproduce Nasdaq-100 price movements.
That legal distinction also limits what ownership means. Janus Henderson states that JQQQ provides indirect economic exposure to the underlying investment product tracking the Nasdaq-100 and does not give holders beneficial ownership or shareholder rights in the index itself. The fund is available only to eligible investors where it can lawfully be marketed and is unavailable to U.S. persons. Tokenization changes the fund’s issuance and distribution rails without removing its investor-eligibility or regulatory restrictions.
The product extends a Centrifuge stack that already spans Treasuries, structured credit and high-yield bonds. Similar infrastructure has placed Janus Henderson and New York Life tokenized fixed-income strategies on Arc and brought Centrifuge investment products directly into Para-powered wallets. JQQQ broadens that architecture into large-cap public equities rather than simply increasing the number of fixed-income products available onchain.
Stellar’s RWA Market Broadens Beyond Cash
Stellar’s growth is also being driven by issuers outside the JQQQ structure. The network crossed $3 billion in real-world assets in June after passing $1 billion in January and $2 billion in April, and official Stellar materials subsequently described its RWA ecosystem as exceeding $4 billion. Spiko alone reported $1.97 billion across its funds on Stellar as of October. The network-level increase therefore reflects multiple issuers and asset categories rather than a single Centrifuge or Janus Henderson product.
The next layer is whether tokenized funds become usable inside financial applications rather than remaining blockchain-based records of investment ownership. Centrifuge products are already moving in that direction: deSPXA can serve as collateral for USDC borrowing on Morpho, while deJAAA has entered Pendle markets for separate principal and yield exposure. Those integrations demonstrate specific forms of onchain utility, although they do not establish that JQQQ itself already has equivalent lending or collateral usage.
Janus Henderson describes collateral, lending and other DeFi applications for JQQQ as potential third-party functionality rather than services currently provided or endorsed by the asset manager. That boundary is important as tokenized funds become more composable. JQQQ confirms that Nasdaq-100 exposure can now be issued through a blockchain-native regulated fund on Stellar; its eventual scale and secondary financial utility will depend on actual assets, distribution and integrations that develop after launch.