Canary Capital launches the first Pledged Wave Field (TRX) ETF in the United States with built-in re

Key Highlights

TRON's dominance in stablecoin infrastructure

The digital asset ETF ecosystem continues to expand

• TRXS has officially opened trading on the Cboe Exchange, representing the first exchange-traded fund (ETF) in the United States based on pledged TRON.
• Virtually all of the fund's TRX assets are pledged, and 80% of the resulting proceeds flow into the fund's net asset value.
• Based on a valuation of US$32.1 billion, TRX ranks eighth largest digital currency by market capitalisation.
• In the second quarter of 2026, TRON Networks facilitated USDT transactions worth US$2.1 trillion and hosted US$89.2 billion in stablecoins.
• The TRXS product expands Canary Capital's cryptocurrency ETF portfolio to rank with products such as XRP, Litecoin and HBAR.

On Wednesday, September 9, Canary Capital officially launched its Canary Staked TRX ETF on the Cboe Exchange with the trading symbol TRXS. This is the first exchange-traded fund in the United States to provide pledge exposure to TRON's native digital assets and is a milestone.

This investment vehicle provides retail and institutional investors with TRX exposure through traditional brokerage platforms, eliminating the complexity of directly holding tokens or pledging operations yourself. According to Canary Capital, the trust will pledge almost all of its TRX portfolio.

The fund structure stipulates that 20% of the pledge income will be used to pay operating expenses, and the remaining 80% will be reinvested in the trust fund and included in the calculation of daily net asset value. Shareholders are required to pay an annual management fee of 1.10% based on the total amount of TRX held.

BitGo Bank & Trust provides custody services for the fund's cryptocurrency positions. At the same time, Bank of America is responsible for cash management, while U.S. Bancorp Fund Services oversees administrative functions, accounting procedures and transfer agency responsibilities.

After the announcement, cryptocurrency market analyst Don Wedge said on social platforms that "$TRX performed strongly", indicating that the market has responded positively to ETFs launched in U.S. trading venues.

TRON's dominance in stablecoin infrastructure

TRON founder Sun Yuchen sees the launch of the ETF as a recognition of the importance of network strategy. "The launch of the Canary Staked TRX ETF proves that the global digital economy is increasingly recognizing the status of the TRON network as a critical infrastructure." Sun Yuchen said.

Data released by Messari on August 10 showed that in the second quarter of 2026, TRON facilitated US$2.1 trillion in USDT transactions. The total market value of the blockchain's stablecoin reached US$89.2 billion, of which USDT accounted for US$87.9 billion.

Daily USDT transfers averaged US$22.8 billion, a 4.3% increase from the previous quarter. As of early August, the cumulative number of TRON transactions since the birth of the network has exceeded 15 billion.

Expansion of the digital asset ETF ecosystem

Steven McClurg, CEO of Canary Capital, emphasized that institutional investor interest is increasingly concentrated in the underlying blockchain infrastructure, rather than just the tokens themselves. "TRON has become a critical infrastructure component driving digital asset payments and settlements." McClurg explained.

Canary Capital originally filed the fund's Form S-1 filing in April 2025. Subsequent amendments included specific details about the transaction code, listing location, custody arrangements and pledge method.

TRXS's structure is different from other competitive altcoin ETF solutions. VanEck and Grayscale excluded a pledge mechanism from their proposed BNB ETF framework, while Canary made pledge functionality a core component of TRXS.

Bitwise filed a TRX-based ETF registration application with the U.S. Securities and Exchange Commission (SEC) in December 2025, proposing an alternative architecture that would allow up to 60% direct cryptocurrency allocation, with the rest of the assets used for related instruments or derivative contracts.

When TRXS was launched, TRX's market value remained at US$32.1 billion, ranking eighth among all digital currencies. Earlier this year, Binance.US resumed spot TRX trading pairs, while Bitnomial launched regulated TRX futures contracts on July 27.