TRX Staking ETF: On-chain yield assets are starting to play the real game A few days ago, Canary Capital submitted an application to the SEC, planning to launch a spot ETF that combines TRX staking yields, with a proposed listing on Cboe BZX. Many people might see the headline and wonder if this is just another follow-the-trend spot crypto ETF. It can be clearly stated that this time is different. The TRX ETF incorporates on-chain yields into asset returns, resembling the structure of bonds or dividend funds. This is not about hyping concepts but rather the true financialization of crypto yields. Unlike BTC and ETH, TRX brings yields onboard Bitcoin and Ethereum ETFs are purely price-based products. However, this TRX ETF packages on-chain staking rewards into the product structure, meaning you hold a dynamically growing yield asset. It’s more akin to traditional financial products like REITs or bond ETFs, offering sustainable returns. The value of this structure lies in its ability to provide not just volatility trading but also long-term allocation logic, offering institutions a stable source of income. Canary’s choice wasn’t random—why TRX? Canary didn’t randomly pick an obscure cryptocurrency but conducted structural evaluations. TRON itself operates on a DPoS mechanism, featuring fast block production, stable yields, and short lock-up periods, making it highly suitable as the underlying asset for financial products. Additionally, TRON is already the main chain for USDT, has a large active user base, and offers mature custody, settlement, and transparency systems. These advantages make TRX one of the easiest cryptocurrencies to turn into a compliant yield product. This isn’t an S1-style pitch deck; it’s entering the real battlefield of 19b-4 Many projects like to claim they’ve submitted an S1, but that’s more like a self-recommendation letter. What truly drives ETF listings is the 19b-4 document submitted by exchanges to the SEC—a substantive rule change request. Canary has taken this hard route through Cboe BZX, submitting a 67-page comprehensive application. The document emphasizes TRON’s DPoS architecture’s resistance to manipulation, TRX’s global 24/7 trading and real-time NAV publication mechanisms, and custody by BitGo, meeting the SEC’s core requirements for security and price transparency. This isn’t just TRX’s product but a breakthrough for the entire on-chain yield sector Once approved, this ETF will become the first compliant staking-based crypto ETF listed in the U.S., with significance far beyond TRON itself. This represents a paradigm shift: converting real on-chain yield structures into financial assets that can be subscribed, redeemed, valued, and regulated. Future projects like SOL, DOT, and ATOM are likely to follow this path, with TRON taking the lead. This isn’t about boosting TRX’s price but redefining crypto’s valuation TRON has historically been seen as payment infrastructure, but this ETF could change its valuation logic. It could evolve from a high-transaction-volume utility token into a stable-yield structural asset. The underlying question is whether the market is ready to accept on-chain yields as a formal asset class for allocation. Canary isn’t chasing trends; they’re racing to seize the entry point for the next generation of ETFs. And this race has just begun. Behind all this, it must be said: Justin Sun is indeed one of the earliest and most steadfast evangelists in the crypto industry! @justinsuntron @trondaocn #TronEcoStar