Injective co-founder and Chief Executive Officer Eric Chen said a U.S. exchange-traded fund tied to INJ could launch before 2027 and potentially as soon as this year, reversing an earlier assessment that suggested a 2027 debut. The U.S. Securities and Exchange Commission has applications pending for the 21Shares Injective ETF and the Canary Staked INJ ETF, whose managers filed amended S-1 registration statements in September after initial submissions last year. Injective is also expanding its regulated-market strategy: Injective Institutional Services gained SEC-registered transfer agent status in August, the network implemented its Meridian upgrade on Sept. 24, and the company completed a MiCA white paper filing for INJ in Europe. Chen said Meridian is intended to help institutions move tokenization, asset issuance and collateral applications from pilots into live services.