Pineapple Financial has moved more than $1 billion in residential mortgage records onto Injective, a Layer 1 blockchain focused on financial applications. The transfer is part of a broader effort to migrate the lender’s historical loan portfolio onchain.
Injective said Friday that Pineapple plans to eventually migrate more than 29,000 funded mortgages worth over $10 billion onto the network. Each mortgage is recorded onchain and tied to the underlying loan file, rather than being repackaged as a new mortgage security.
Mortgage records onchain rise to 2,079
The records include more than 500 data points, with loan-level information intended to support verification, audit trails and risk analysis. Pineapple’s dashboard shows the migration now covers 2,079 mortgage records, up from 1,259 when the initiative launched in December 2025.
According to Token Terminal, PAPL0, which tracks the mortgage records onchain, has an asset market cap of about $1.1 billion. That is up 48.2% over the past nine months. The tokens represent mortgage records rather than ownership of the underlying loans.
Part of a broader Injective relationship
The mortgage migration is one part of Pineapple’s wider relationship with Injective. That also includes a separate $100 million Injective (INJ) digital asset treasury. Pineapple stakes INJ from that treasury, with Kraken serving as a primary validator for the holdings.
Real estate tokenization keeps expanding
Real estate has become a growing area in the effort to bring traditionally illiquid assets onchain, where tokenization can make property or investment interests 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. In that structure, investors receive blockchain-based ownership of fund shares, rather than a simple onchain record of property data.
Dubai has also expanded its real estate tokenization push. In February, the Dubai Land Department launched the second phase of a pilot after about $5 million in property had been tokenized, with transactions recorded on the XRP Ledger.
Still a small slice of the RWA market
Tokenized real estate remains a small part of the broader real-world asset market. The sector has about $226.5 million in distributed value, up 11.7% over the past 30 days, compared with $38.8 billion across tokenized RWAs tracked by RWA.xyz.