TRX ETF lands on Cboe (CBOE.US), Wavefield constructs a two-wheel drive pattern between listed companies and ETFs

According to Woofun AI, Canary Staked TRX ETF (TRXS.US) will be officially listed and traded on the US Cboe BZX Exchange on September 9, 2026, under the trading code TRX S (TRXS.US).

The driving force behind this incident was Sun Yuchen, founder of Wave Field TRON, who had previously publicly confirmed the plan. The move marks Tron Inc., a company related to Jiwafang Ecology (TRON.US) successfully landed on NASDAQ (NDAQ.US), TRX assets once again entered the mainstream US securities market through standardized financial products, thus establishing a new two-wheel drive compliance pattern of “listed companies+ETFs” in Wave Field Ecology. This is not only the listing of a single product, but also a key turning point in the wave market from simple on-chain technical agreements to the deep penetration of traditional financial capital markets. Its strategic significance is to provide traditional investors with two completely different yet complementary entry paths.

An in-depth analysis of the Canary Staked TRX ETF (TRXS.US) product structure reveals that its core differentiating competitiveness lies in the financialized encapsulation of the on-chain native yield mechanism. According to the S-1/A filing submitted by Canary Capital to the US Securities and Exchange Commission (SEC) on August 19, the fund's primary investment goal is not only to provide price exposure for TRX, but to obtain additional TRX rewards for holders through active participation in the pledge activity of the TRON network.

This design distinguishes it significantly from traditional spot ETFs on the market that only track asset price fluctuations. The document clearly states that the fund plans to put essentially all eligible TRX assets into the pledge process, and the resulting pledge rewards will be directly included in the fund's assets after deducting the relevant service fees.

Notably, the fees associated with the pledge service are expected to account for about 20% of the total staking rewards, while the remaining 80% is retained by the fund. These accrued rewards will be reflected in the daily net fund value (NAV) in real time. This means that what investors in traditional securities accounts get is no longer just the price rise and fall benefits of the TRX token itself, but includes the real economic output generated by the underlying consensus mechanism of the TRON network.

From a structural point of view, this is the first time that the TRON on-chain pledge mechanism has officially entered a broader view of traditional financial markets through a regulated ETF product form, achieving a seamless connection between on-chain income rights and off-chain capital markets.

Prior to the listing of TRX S (TRXS.US), Wavefield Ecology had already passed the US stock listed company TRON Inc. (TRON.US) has established initial connections with the US Open Market. TRON Inc. (TRON.US) is currently trading on NASDAQ (NDAQ.US). One of its core business models is to hold a large amount of TRX as a digital asset reserve, and plans to further participate in the infrastructure construction of the TRON network. As of early September 2026, TRON Inc. (TRON.US) has held more than 712.8 million TRX units, and the size of this holding is still expanding. In contrast, after TRXS (TRXS.US) was launched, investor demand for the two types of products showed clear complementarity rather than substitution.

TRON Inc. (TRON.US) is closer to a physical listed company that operates around TRX reserves and ecological business. Its stock price performance is affected by multiple effects of the company's business conditions, market sentiment, and macro-financial environment; while TRXS (TRXS.US) directly provides price exposure and on-chain pledge income for TRX assets, and its net worth trend is more closely tied to TRX's market price and network pledge rate. Therefore, rather than simply viewing this as a “secondary listing” of wave market TRON, the more accurate interpretation is that TRX has added an important direct entry point into the US capital market. The simultaneous existence of two open market instruments, stocks and ETFs, has greatly enriched the way traditional investors access and allocate the TRON ecosystem, enabling funds with different risk preferences and investment logic to find suitable carriers, thus forming a more stable two-wheel drive pattern at the capital level.

The capital market layout is only the tip of the iceberg. Wavefield TRON's data on basic markets on the chain also showed an astonishing rate of expansion, providing a solid user and liquidity foundation for its institutionalization process. On August 23, 2026, the total number of accounts on the TRON chain officially broke the 400 million mark. The cumulative number of online transactions exceeded 15.4 billion, and the cumulative transfer amount was close to 30 trillion US dollars. These data not only reflect the huge user base, but also reflect the high frequency activity of the network. The stablecoin business remains the core competitive advantage of Wave Field TRON.

Currently, the USDT issuance scale on the Wavefield TRON network has reached 94.2 billion US dollars. This figure surpasses other major blockchain networks such as Ethereum, making it the largest USDT issuance network in the world.

According to data compiled by Woofun AI, the circulation efficiency behind this stock is also amazing: in the second quarter of 2026, the USDT transfer volume processed by the Wavefield TRON network was about 2.1 trillion US dollars; previously disclosed data also showed that the average daily USDT transfer amount of Wavefield TRON reached about 25 billion US dollars. From a static stock of $94.2 billion to dynamic circulation of tens of billions of dollars per day, the competitive focus of Wave Field TRON in the stablecoin market has changed from simply “issuance volume” to “high-frequency liquidity and actual usage scenarios.” For payment and settlement networks, the latter is the key indicator for measuring their true value and network effects. This also explains why a large number of on-chain activities, including exchange deposits and withdrawals, personal transfers, cross-border payments, fund settlement, and DeFi applications, are highly dependent on the Wavefield TRON network as the main asset flow carrier.

In addition to the stablecoin business, the AI platform B. AI supported by Wavefield TRON has also recently experienced explosive growth, injecting new variables into the diversified development of the ecosystem. As of early September, the number of B. AI users had surpassed 2.4 million, and the platform's daily token throughput had reached a maximum of 1 trillion dollars. Since the launch of the free campaign on August 17, more than 220,000 new API users have been added, the cumulative throughput has exceeded 10.9 trillion tokens, and more than 89.56 million API calls have been supported.

This growth rate far exceeds B. AI's initial scale expectations when it went live. After its launch in April of this year, B. AI initially mainly provided large model aggregation and API services, then gradually expanded to more complex product capabilities such as model access, AI agents, and AI programming. The service target also extended in depth from ordinary AI users to developers and agent scenarios.

Although B. AI and Wavefield TRON are still relatively independent business systems, there is a promising combination between the two: payment. To truly participate in commercial activities, AI agents must complete actions such as payment, settlement, and cross-border transfers, while traditional payment systems are often limited by complicated processes such as account opening, bank review, and manual authorization. In contrast, stablecoins naturally support 7×24 hours of uninterrupted operation and are easy to embed in programmatic processes. Wavefield TRON's $94.2 billion USDT liquidity and B. AI's rapidly accumulated AI user, developer, and model calls provide a realistic foundation for the deep integration of AI agents and stablecoin payments in the future. With the continuous expansion of the core business infrastructure and the formation of new business scales, Wavefield TRON is evolving from a single public chain infrastructure and stablecoin network to a diversified ecosystem covering capital markets, AI scenarios, and global payments. Its globalization and institutionalization process has entered a period of acceleration.