TheBlock
Injective CEO Eric Chen expects US exchange-traded funds tied to INJ to launch before 2027, saying that 2027 is “a little bit too far.” Two applications are pending: the 21Shares Injective ETF and the Canary Staked INJ ETF. Both were initially filed in 2025 and submitted amended S-1 registration statements in September.
Why it matters
The ETF outlook is part of a broader effort to build regulated infrastructure around Injective. Injective Institutional Services became an SEC-registered transfer agent in August, allowing the network-affiliated entity to maintain ownership records for securities. Chen described that registration as a starting point, with additional US licenses still to pursue.
Injective also shipped its Meridian upgrade on Sept. 24 after a governance vote. Chen said the upgrade supports institutional clients moving from pilots to live onchain tokenization, offerings and collateralization, with transfer controls designed for compliance. He said the registration and upgrade could enable an Injective institution to act as a settlement clearinghouse.
Market impact
In Europe, Injective said in July that it had completed notification and publication of INJ’s MiCA white paper. The token is listed in the European Securities and Markets Authority’s interim register, a disclosure step toward admission to trading in the EU. Chen said the licensing process is slow and that Injective is working with firms that already hold licenses.
Chen said the project is working with large financial institutions on payments and tokenization. He singled out private assets as a promising use case, arguing that onchain contracts can compress processes that in traditional finance involve months of bundling and multiple intermediaries. ETF timing remains an expectation, while the applications and licensing work mark concrete steps in the institutional push.
Frequently asked questions
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Which INJ ETF applications are currently pending?
The pending applications are the 21Shares Injective ETF and the Canary Staked INJ ETF. Both issuers submitted amended S-1 registration statements in September.
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What does Injective's SEC transfer-agent registration allow it to do?
It allows Injective Institutional Services, a network-affiliated entity, to maintain ownership records for securities.
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How does Meridian fit into Injective's institutional plans?
Chen said Meridian supports moving institutional clients from pilots to live onchain tokenization, offerings and collateralization, with transfer controls designed for compliance.
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What is the status of INJ's MiCA white paper in Europe?
Injective said it completed notification and publication of the white paper. INJ is listed in ESMA's interim register, a disclosure step toward admission to trading in the EU.
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What tokenization use case did Chen highlight?
Chen highlighted private assets, saying onchain contracts can compress processes that in traditional finance may involve months of bundling and multiple intermediaries.
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