Janus Henderson affiliate puts asset-backed credit on Stellar

Victory Park Capital launched the AltsABF Tokenized Feeder Fund, L.P. (VALTS) on October 16, a private fund that feeds the Privacore VPC Asset Backed Credit Fund, a continuously offered interval fund invested in private asset-backed credit. VPC and Privacore are both affiliates of Janus Henderson. The feeder is tokenized by Tradable Corp and will initially run on the Stellar network, according to the launch announcement on Business Wire.

The line that matters for anyone tracking this market: VALTS expects to pay monthly income distributions directly to investors' wallets, in stablecoin. The same release also put Tradable's tokenized volume at $3 billion of private credit. In July, The Block reported that figure at $1.7 billion across nearly 30 institutional positions, deployed on ZKsync. So the platform has roughly doubled what it claims to have on-chain in about a quarter, and Stellar is now its front door.

What the wrapper actually is

VALTS is structurally boring, which is the point. AltsABF, the fund underneath, launched in January 2026 as a registered, continuously offered interval fund and secured more than $250 million in deployable seed capital from investors including CNO Financial Group and Corbin Capital Partners, according to the February launch release. ABL Advisor reported in August that Janus Henderson, VPC and Privacore raised another $100 million for it.

VALTS buys into AltsABF and hands you the receipt as a token. It prices off the net asset value of its investment in AltsABF, net of its own fees. Investors can transfer tokens to other pre-approved wallets under transfer restrictions, pick their custody arrangement, and clear onboarding, KYC/AML and jurisdiction checks as qualified purchasers in the United States.

Kinan Hayani, a partner at VPC, framed it as distribution rather than invention: "Working with Tradable to launch VALTS is a natural next step in that strategy, helping to meet the growing demand for on-chain products." Tradable CEO Alex Cordover said the firm was founded "to help leading asset managers bring private investment opportunities on-chain without changing how they invest."

The exit is still the interval fund's

Here is the part the announcement buries. VALTS expects quarterly liquidity, and that liquidity runs through AltsABF's quarterly repurchase offers, which are made for no less than 5% and no more than 25% of the fund's outstanding shares. The token can move between approved wallets around the clock; the money behind it exits on a quarterly schedule with a hard cap.

That is standard interval-fund mechanics, not a blockchain limitation, and no chain changes it. What the token genuinely adds is the distribution rail: monthly cash flow arriving in a wallet as stablecoin, programmable custody, and a fund share that behaves like an asset instead of a statement PDF. The right way to read this launch is as an asset manager bolting crypto-native rails onto a wrapper that already satisfies its regulator, its board and its wealth-channel distributors.

Where it sits in the category

RWA.xyz put tokenized credit at $8.40 billion in distributed value and $41.65 billion in represented value as of October 30, 2026, across 2,724 tracked assets, with both measures up roughly 4-6% over the prior 30 days. Distributed value counts tokens investors actually hold and can move; represented value counts everything recorded on-chain, including books that never became transferable supply. The tenfold gap between the two is why issuer self-reported totals deserve a careful read, and Tradable's $3 billion is closer to the represented kind than the tradeable kind.

Stellar's institutional stretch

The VALTS launch is the first concrete deployment under the agreement Tradable announced on July 15 to bring up to $1 billion of private credit to Stellar, a deal Cointelegraph reported expected to start at roughly $500 million in notional. It lands two weeks after Securitize said at Meridian 2026 that it would integrate Stellar into the infrastructure it offers asset managers, and follows Franklin Templeton-affiliated money market products already running on the XRP Ledger. Stellar is spending its mature years collecting regulated issuers rather than memecoins, and a Janus Henderson feeder paying yield into wallets is the most retail-shaped prize yet.

The first hard datapoint from VALTS won't be the monthly stablecoin distributions. It will be whether the quarterly repurchase window fills up, and which side of the 5-25% band the requests land on.