Pineapple Financial Migrates $1B in Mortgage Records to Injective Blockchain

Pineapple Financial has moved more than $1 billion in residential mortgage records onto Injective, a layer-1 blockchain purpose-built for financial applications, as part of a broader initiative to bring its entire historical loan portfolio onchain. The mortgage lender plans to eventually migrate more than 29,000 funded mortgages worth over $10 billion onto the network. Each mortgage is represented by an onchain record tied to the underlying loan file rather than being repackaged as a new security, with each record containing more than 500 data points covering loan-level information designed to support verification, audit trails, and risk analysis.

According to Pineapple's dashboard, the migration now includes 2,079 mortgage records, up from 1,259 when the initiative launched in December 2025. The PAPL0 token, which tracks the mortgage records onchain, carries a market cap of approximately $1.1 billion, up 48.2% over the past nine months, according to Token Terminal data. The tokens represent mortgage records rather than ownership of the underlying loans. The mortgage migration is part of Pineapple's broader relationship with Injective, which includes a separate $100 million INJ digital asset treasury, with Kraken serving as a primary validator for the holdings.

Real estate tokenization has gained momentum across the industry as firms seek to make traditionally illiquid assets easier to divide, transfer, and access. In June, Apex Group joined Goldman Sachs, Archax, and LRC Group on a tokenized real estate fund whose shares are issued as digital tokens through Goldman Sachs' Digital Asset Platform. Dubai has also expanded its efforts; in February, the Dubai Land Department launched the second phase of a pilot after approximately $5 million in property had been tokenized, with transactions recorded on the XRP Ledger. However, 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 with $38.8 billion across tokenized RWAs tracked by RWA.xyz.