First staked ETF tied to Tron hits the US markets on Wednesday

The first staked exchange-traded fund tied to Tron is set to hit the market Wednesday, giving investors a new way to gain exposure to the blockchain’s (TRX) token through traditional markets. 

The Canary Staked TRX ETF will make its debut under the ticker symbol TRXS. In a statement, Tron Founder Justin Sun said the fund will give investors a new way to access the blockchain network. 

"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 provides institutional investors with a new way to access a network that is already powering real-world financial activity at scale," Sun said in a statement. 

TRX has a market capitalization of $32.1 billion and is the eighth-largest crypto, according to The Block's price data. The new ETF also includes the potential for more TRX through the network's proof-of-stake process, so those staking rewards will be reflected in the fund's net asset value, Canary said in its statement. 

The Tron blockchain is widely used for stablecoin transfers because of its cost and efficiency. Canary Capital CEO Steven McClurg said Tron is important amid the broader adoption of stablecoins.

"As stablecoin adoption continues to grow globally, TRON has become a critical piece of the infrastructure powering digital asset payments and settlement," McClurg said in the statement on Wednesday. "We believe investors are increasingly looking beyond digital assets themselves and toward the networks driving real-world blockchain adoption."

Over the past year, Canary Capital has launched several crypto ETFs, including ones tracking HBAR, Litecoin and XRP.