Pineapple Financial announced that it has migrated more than $1 billion worth of residential mortgage records onto Injective, a layer‑1 blockchain designed for financial applications. The move is part of a broader strategy to bring its historic loan portfolio on‑chain.
The company aims to eventually tokenise over 29,000 funded mortgages representing more than $10 billion in loan value. Each mortgage is recorded on the blockchain as a distinct on‑chain entry linked to the original loan file, rather than being repackaged as a new security. The records capture more than 500 data points, including loan‑level details intended to support verification, audit trails and risk analysis.
Since the initiative began in December 2025, Pineapple’s dashboard shows that the number of migrated records has risen to 2,079, up from 1,259 at launch. The on‑chain token that tracks these mortgage records, PAPL0, now has an asset market cap of roughly $1.1 billion, reflecting a 48.2% increase over the past nine months, according to Token Terminal data. The tokens represent the mortgage records themselves, not ownership of the underlying loans.
The migration is tied to a broader relationship between Pineapple and Injective, which includes a separate $100 million digital‑asset treasury denominated in Injective’s native token (INJ). Pineapple stakes INJ from this treasury, with Kraken acting as the primary validator for the holdings.
The development follows a growing trend of real‑estate tokenisation. In June, Apex Group joined Goldman Sachs, Archax and LRC Group in launching a tokenised real‑estate fund whose shares are issued as digital tokens on Goldman Sachs’ Digital Asset Platform. Separately, Dubai’s Land Department expanded its pilot programme, recording about $5 million of property transactions on the XRP Ledger.
Despite these initiatives, tokenised real‑estate remains a modest segment of the broader real‑world asset (RWA) market. Distributed value in tokenised real‑estate stands at approximately $226.5 million, up 11.7% over the past 30 days, compared with $38.8 billion across all tokenised RWAs tracked by RWA.xyz.
The Pineapple‑Injective migration underscores the increasing interest in using blockchain technology to create transparent, auditable records for traditionally illiquid assets such as mortgages, while also highlighting the still‑limited scale of real‑estate tokenisation relative to the overall RWA ecosystem.
