TRON's First Staked ETF Enters U.S. Market with Liquidity Test

The first U.S.-listed staked TRON ETF, TRXS, has begun trading on Cboe. This new product combines direct token exposure with rewards and a 14-day liquidity constraint for investors.

TRXS will hold TRX directly and stake most of it, with an expected minimum of 90% staking rate. The trust will keep 80% of the staking rewards, which will be used to restake and increase the net asset value rather than distributed as cash.

The liquidity mismatch is a potential concern, as TRXS shares can change hands during market hours while staked TRX requires 14 days to become transferable. Large redemptions could strain liquid reserves, potentially leading to delayed settlements or even inability to meet redemption requests on time.