On September 8, Sun Yuchen, founder of TRON, posted on X that the Canary Staked TRX ETF will list on the Cboe BZX Exchange in the United States on September 9, 2026, under the ticker symbol TRX S. Following TRON Inc., a company within the TRON ecosystem, listing on Nasdaq, TRX will now enter the U.S. mainstream securities market via an ETF. Sun Yuchen stated that the TRON ecosystem is forming a dual-driver model of “publicly listed company + ETF.”
For TRON, the listing of this ETF signifies more than just adding another investment channel. Over the past few months, TRON’s on-chain accounts, stablecoin volume, U.S. capital market presence, and AI initiatives have all set new阶段性records, with multiple business lines achieving breakthroughs simultaneously. This indicates that TRON is now advancing beyond on-chain expansion, moving toward a broader phase of institutionalization and globalization.
TRX S not only tracks the price of TRX but also participates in on-chain staking.
According to the S-1/A filing submitted by Canary Capital to the U.S. Securities and Exchange Commission (SEC) on August 19, the primary objective of the Canary Staked TRX ETF is to provide investors with exposure to TRX prices while earning additional TRX through staking on the TRON network.
From a product design perspective, TRXS differs from a spot ETF that simply holds cryptocurrency assets. The filing indicates that the fund plans to stake substantially all eligible TRX, with staking rewards—after deducting related fees—being added to the fund’s assets. Staking service fees are expected to account for approximately 20% of the staking rewards, with the remaining approximately 80% retained by the fund. Accrued rewards will also be reflected in the fund’s daily net asset value (NAV).
In other words, traditional securities accounts will not only gain price exposure to TRX, but also benefit from the staking rewards generated by the TRON network itself, which are integrated into the ETF’s product structure.
This also marks the first time TRX’s on-chain staking mechanism enters the broader traditional financial market through an ETF product.
Before TRXS, the TRON ecosystem had already established a connection with the U.S. public markets through TRON Inc., a U.S.-listed company.
TRON Inc. is publicly traded on Nasdaq, with TRX as its core digital asset reserve. The company has consistently increased its TRX holdings and plans to further participate in the development of the TRON network infrastructure. As of early September 2026, TRON Inc. held over 712.8 million TRX and continues to expand its TRX digital asset reserve.
After the listing of TRX S, the two products cater to slightly different investor needs. TRON Inc. is more akin to a publicly traded company focused on TRX reserves and ecosystem operations, while TRX S provides direct exposure to TRX assets and staking rewards.
Therefore, rather than describing TRON as a "secondary listing," it is more accurate to say that TRX has gained another significant entry point into the U.S. capital markets. The addition of both stocks and ETFs as public market instruments provides traditional investors with more diverse ways to access the TRON ecosystem.
400 million accounts, $94.2 billion USDT on-chain, with on-chain scale continuously breaking records
Outside the capital markets, TRON's recent on-chain data has also reached a new level.
On August 23, 2026, the total number of TRON blockchain accounts officially surpassed 400 million. The network has processed over 15.4 billion cumulative transactions with a total transfer value approaching $30 trillion.
Stablecoins remain the core business foundation of TRON.
The circulating supply of USDT on the TRON network has reached $94.2 billion, surpassing other blockchain networks such as Ethereum to become the largest USDT issuance network globally.
This data better reflects the current usage structure of TRON than account counts alone. The vast majority of on-chain activity on TRON revolves around USDT, including exchange deposits and withdrawals, peer-to-peer transfers, cross-border payments, fund settlements, and DeFi—making stablecoins the primary vehicle for asset flow on the network.
This advantage has continued to grow this year. In the second quarter of 2026, the TRON network processed approximately $2.1 trillion in USDT transfers; previously disclosed data also showed that TRON’s daily average USDT transfer volume reached about $25 billion.
From a total supply of $94.2 billion to hundreds of billions of dollars flowing on-chain daily, TRON’s competitive focus in the stablecoin market has shifted beyond merely “how much USDT is issued” to whether these stablecoins are truly being used at high frequencies. For payment and settlement networks, the latter better reflects real-world usage.
B. AI Day token throughput exceeds 1 trillion, AI business scales rapidly
In addition to its stablecoin business, B.AI, the AI platform supported by TRON, has also seen significant recent growth.
As of early September, the number of B. AI users has exceeded 2.4 million, with the platform’s daily token throughput peaking at over 1 trillion. Since the launch of the free promotion on August 17, over 220,000 new API users have joined, with cumulative throughput surpassing 10.9 trillion tokens and supporting more than 89.56 million API calls.
This growth rate has clearly surpassed the initial scale of B.AI at launch. After its introduction in April this year, B.AI initially offered large model aggregation and API services, and has since gradually expanded its capabilities to include more model integrations, AI Agents, and AI programming. Its user base has also evolved from general AI users to developers and AI Agent scenarios.
B. AI and TRON are currently part of separate business systems, but there is a noteworthy point of convergence between them: payments.
For AI agents to truly participate in commercial activities, they ultimately need to execute payments, settlements, and cross-border transfers. Traditional payment systems require accounts, banks, and manual authorization, whereas stablecoins inherently support 24/7 operation and are more easily integrated into automated workflows. TRON has already processed over $94.2 billion in USDT, while B. AI is rapidly accumulating AI users, developers, and model invocation volumes—laying a practical foundation for the future integration of AI agents with stablecoin payments.
Over the past period, TRON has made continuous progress in multiple areas, including on-chain scale, stablecoins, capital markets, and AI. The listing of TRX S further expands the channels connecting TRX to traditional financial markets, advancing the globalization and institutionalization of the TRON ecosystem.
As its core business foundation continues to expand and new initiatives reach scale, TRON’s ecosystem is steadily extending its boundaries—from blockchain infrastructure and stablecoin networks to capital markets and AI applications—entering a more diverse phase of growth.