Janus Henderson and Centrifuge launched JQQQ, a tokenized Nasdaq-100 fund on Stellar for eligible non-US professional investors. The issuer-sponsored vehicle carries a 100,000 USDC minimum investment, while Centrifuge’s portal indicated subscriptions were not yet open. The launch brings a $500 billion asset manager into onchain fund distribution through a licensed structure rather than through third-party representations of individual shares.
The structure offers a clearer institutional route to tokenized equity-index exposure because the asset manager is directly sponsoring the fund, potentially aligning issuance, investor eligibility and servicing with established fund governance. It also sharpens the distinction between regulated fund tokenization and tokenized-stock platforms operating without issuer consent. Commercial uptake, secondary-market liquidity and the operational scope of investor access remain unproven, particularly while subscriptions are not yet open.
Intel, IBM, Oracle and IonQ joined objections to the planned OKX–ICE tokenized-stock venue, lifting the reported total to 26 companies; more than 40% of the initially proposed issuers have now sought to opt out. This is a material escalation from the 22 objections reported previously and increases the legal and commercial uncertainty around a venue intended to test the SEC’s framework for blockchain-based equity trading. The objections do not determine the platform’s regulatory outcome, but they underline that issuer rights, branding and corporate-action treatment remain unresolved constraints on third-party tokenized-equity distribution.
Robinhood reported that its blockchain network generated $26 million in third-quarter revenue, helping lift crypto revenue to $120 million, while the company expanded its relationship with Ripple to deploy RLUSD on Robinhood Chain and Bitstamp ahead of a planned app rollout later this year. The results point to an emerging vertical-integration model in which brokerage distribution, proprietary-chain activity, stablecoin settlement and lending products reinforce one another. However, crypto trading volume was reported 38% below the prior-year level and crypto revenue 55% lower year on year in a separate comparison, indicating that network revenue has not yet offset weaker conventional trading activity.
The CFTC sued Utah to block the state’s enforcement action against Kalshi and Susquehanna, asserting federal primacy over federally regulated prediction markets. The case escalates a widening jurisdictional contest as Polymarket separately introduced five-minute BTC, ETH, SOL and XRP contracts in its US app and faces reports of a renewed CFTC inquiry into whether Americans accessed its offshore venue. The litigation could clarify whether states can police activities connected to federally supervised event-contract markets, but its outcome and implications for individual platforms remain uncertain.