Cboe requests to list first US spot Tron ETF offering staking rewards

By: bitcoin ethereum news|2025/05/15 16:45:04

Cboe BZX Exchange has filed a proposed rule change with the Securities and Exchange Commission to list and trade shares of the Canary Staked TRX ETF under Rule 14.11(e)(4), marking the first attempt to register a US-based spot Tron ETF fund offering staking rewards. Filed on May 12, the proposal seeks approval to list Commodity-Based Trust Shares representing fractional interests in a trust holding TRX, the native asset of the Tron blockchain. What does the fund contain? The ETF, sponsored by Canary Capital, plans to stake a portion, potentially all, of its TRX holdings through one or more trusted providers, with staking rewards that contribute directly to funding NAV. Per the fund’s S-1 filed April 18, this structure enables investors to gain exposure to TRX’s spot price while earning yield from the network’s delegated proof-of-stake system. The current TRX staking yield sits around 4.6% APR, per StakingRewards. The ETF would track the CoinDesk TRX USD CCIX 60-minute New York Rate. The Pricing Benchmark aggregates notional TRX spot trades across major venues and is updated every 15 seconds. Using this index, net asset value will be calculated daily at 4 P.M. ET. Shares will be created and redeemed in 10,000-share baskets for cash only, with BitGo as custodian. All staking activity will be performed at the trust level, keeping authorized participants isolated from direct TRX exposure or staking delegation rights. Arguments for accepting the ETF Importantly, Cboe argues that the proposed product does not require a surveillance-sharing agreement with a “regulated market of significant size,” the threshold first introduced in the SEC’s 2018 Winklevoss disapproval order. Instead, it cites recent SEC approvals of spot Bitcoin and Ethereum products, where futures market size was deemed insufficient but “other means” to detect and deter manipulation were accepted. Cboe asserts similar justification applies here, referencing TRX’s decentralized market structure, deep liquidity, around-the-clock global trading, and high degree of arbitrage activity. The proposal details how TRX’s continuous trading, lack of centralized pricing, and absence of corporate data disclosures reduce susceptibility to manipulation. It highlights that any attempt to influence price on a single venue would require broader global market distortion, countered by arbitrage mechanisms. The trust’s cold storage of assets, dissemination of intraday indicative value every 15 seconds, and publicly available NAV data further support Cboe’s claim that investor protections are sufficiently met. SEC approval would mark the first time a US-listed crypto ETF includes a native staking component. While Ethereum-based funds approved in 2024 excluded staking to sidestep regulatory ambiguity, the TRX filing tests whether delegated proof-of-stake tokens can coexist with public fund structures. Filings for other funds to stake assets have been delayed until June. Notably, the filing does not disclose a ticker or specific staking provider but confirms that all rewards will flow back into the trust. The trust also declines to claim any rights to forked or airdropped assets. Cboe’s request aligns with broader efforts by ETF sponsors to differentiate crypto products beyond basic price exposure. With management fees on Bitcoin and Ethereum ETFs trending toward zero, staking income presents a mechanism to offset costs and attract capital seeking yield in a low-interest-rate environment. If approved, the Canary Staked TRX ETF could set a precedent for staking-enabled ETPs across other delegated PoS networks, such as Solana, Polkadot, and Cosmos. The SEC has yet to issue a timeline for its decision on the proposed rule change. Source: https://cryptoslate.com/cboe-aims-to-list-first-us-spot-tron-etf-offering-staking-rewards/

The era of AI hype has transitioned into an era of utility. As we move through Q2 2026, the market is no longer rewarding "narrative-only" projects. At WEEX Research, we are seeing a massive capital rotation into Decentralized Compute (DePIN) and Autonomous Agent coordination layers. This guide analyzes which AI tokens are capturing institutional liquidity and how to spot high-conviction setups in a maturing market.

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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.

The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.

Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.

Simplified Trading Experience: No KYC Required, Opening a Position in Five Steps

Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.

The trading process has been streamlined into five steps:

· Choose the trading asset

· Select long or short

· Input position size and leverage

· Confirm order details

· Confirm and open the position

The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.

Social-Native Trading: Strategy and Execution Completed in the Same Context

Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:

· End-to-end encrypted private groups supporting up to 1024 members

· End-to-end encrypted voice communication

· One-click position sharing

· One-click trade copying

On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.

By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.

Referral Mechanism: Non-institutional users can receive up to 60% fee split

Mixin has also introduced a referral incentive system based on trading behavior:

· Users can join with an invite code

· Up to 60% of trading fees as referral rewards

· Incentive mechanism designed for long-term, sustainable earnings

This model aims to drive user-driven network expansion and organic growth.

Self-Custody Architecture and Built-in Privacy Mechanism

Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:

· Separation of transaction account and asset storage

· User full control over assets

· Platform does not custody user funds

· Built-in privacy mechanisms to reduce data exposure

The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.

A New Path for On-Chain Derivatives

Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.

The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.

Regulatory Background

Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.

This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."

The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.

About Mixin

Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.

Its core capabilities include:

· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations

· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets

· Decentralization: achieving full user control over assets without relying on custodial intermediaries

· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication

Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

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