Pineapple Financial Migrates $1B in Mortgage Records to Injective

Pineapple Financial has moved more than $1 billion in residential mortgage records onto Injective, a layer-1 blockchain built for financial applications, as part of an ambitious push to bring its entire loan portfolio onchain. The Toronto-based mortgage lender plans to eventually migrate over 29,000 funded mortgages valued at more than $10 billion onto the network. Each mortgage is represented by a distinct onchain record linked to its underlying loan file rather than being repackaged as a new mortgage security, preserving the original loan structure while making the data transparently verifiable on the blockchain.

The onchain records contain more than 500 data points per mortgage, including loan-level information designed to support verification, audit trails, and risk analysis. According to Injective, Pineapple's dashboard shows the migration has grown to 2,079 mortgage records, up from 1,259 when the initiative launched in December 2025. PAPL0, the token that tracks these mortgage records onchain, has reached an asset market cap of roughly $1.1 billion, climbing 48.2% over the past nine months, according to Token Terminal data. The tokens represent claims on the mortgage records themselves rather than ownership of the underlying loans.

The mortgage migration is part of Pineapple's broader strategic relationship with Injective, which includes a separate $100 million INJ digital asset treasury. Pineapple stakes INJ from that treasury, with crypto exchange Kraken serving as a primary validator for the holdings. The integration gives Pineapple exposure to both onchain data infrastructure and yield generation through staking, positioning the lender at the intersection of traditional mortgage finance and decentralized finance.

Pineapple's initiative reflects a wider momentum behind real estate tokenization as institutions seek to bring illiquid assets onchain. In June, Apex Group joined Goldman Sachs, Archax, and LRC Group on a tokenized real estate fund issuing shares as digital tokens through Goldman Sachs' Digital Asset Platform. Dubai's Land Department has also expanded its own tokenization pilot, recording approximately $5 million in tokenized property transactions on the XRP Ledger as of February. Despite these developments, tokenized real estate still represents a small slice of the broader real-world asset (RWA) market, with about $226.5 million in distributed value compared to the $38.8 billion tracked across all tokenized RWAs by RWA.xyz.