The first US ETF linked to Tron (TRX) with a staking mechanism debuts on the market this Wednesday (9), widening the range of crypto products traded on traditional exchanges. The fund, called the Canary Staked TRX ETF, will trade under the ticker TRXS.
The product allows investors to gain exposure to the token of the Tron network without having to directly buy or custody the cryptocurrency. In addition, the ETF may reflect in its share value the rewards earned through the network's proof-of-stake process, according to Canary Capital.
In practice, this means the fund does not track only the price movement of TRX. Since part of the tokens can be placed in staking, the rewards generated by that process tend to be incorporated into the ETF's net asset value.
Tron founder Justin Sun said the launch shows growing recognition of the network as important infrastructure for the global digital economy.
"The launch of the Canary Staked TRX ETF demonstrates the growing recognition of the TRON network as critical infrastructure for the global digital economy and gives institutional investors a new way to access a network that already drives real financial activity at scale," Sun said in a statement.
TRX has a market value of US$32.1 billion and is the eighth-largest cryptocurrency in the world, according to figures cited by The Block.
Tron gains ground with stablecoins
The ETF's debut also comes at a time when Tron has established itself as one of the leading networks for stablecoin transfers. The blockchain is widely used in this market because of its low cost and transaction efficiency.
Steven McClurg, CEO of Canary Capital, said Tron has become a significant piece of the payments and settlement infrastructure for digital assets, especially as stablecoins gain traction globally.
"As stablecoin adoption continues to grow globally, TRON has become a critical piece of infrastructure driving payments and settlement with digital assets," McClurg said.
According to him, investors are increasingly looking not just at crypto assets themselves, but also at the networks that underpin real blockchain applications.
Canary Capital has been expanding its presence in the crypto ETF market in recent months. In addition to the new Tron-linked fund, the asset manager has launched products tracking assets such as HBAR, Litecoin and XRP.
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