Summary
- Canary Capital said it launched the first U.S. spot staking ETF for Tron (TRX), TRXS.
- The firm said the ETF was designed to provide spot price exposure to Tron along with delegated proof-of-stake (DPoS) staking rewards, which are reflected in the fund’s net asset value (NAV).
- The Tron network said it is being recognized as core infrastructure for the global digital economy, with 400 million user accounts and $28 billion in total value locked (TVL).
Forecast Trend Report by Period
Canary Capital, a U.S. asset manager, has launched the first U.S. spot staking exchange-traded fund for Tron (TRX).
Cointelegraph reported on September 9 that Canary Capital launched the Canary Staking TRX ETF, or TRXS.
The ETF is designed to provide spot price exposure to Tron while also participating in the Tron network’s delegated proof-of-stake, or DPoS, validation process to earn additional TRX tokens. Staking rewards are reflected in the fund’s net asset value, or NAV.
“Tron has become core infrastructure for crypto payments and settlement,” Canary Capital Chief Executive Officer Steven McClurg said. TRXS offers access through an ETF structure to one of the world’s largest blockchain payment networks while also providing staking-reward potential, he added.
The Tron network recently surpassed 400 million user accounts. Its total value locked stands at $28 billion.
Tron founder Justin Sun said the ETF launch shows Tron is being recognized as core infrastructure for the global digital economy. It also gives institutions a new way to access a network that supports real-world financial activity.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul