Pineapple Financial has moved more than $1 billion in residential mortgage records onto the Injective blockchain, with plans to migrate its entire $10 billion loan portfolio onchain. The lender's tokenized record count has grown from 1,259 to 2,079 since the project launched in December 2025.
Pineapple Financial has migrated more than $1 billion in residential mortgage records onto Injective, a layer-1 blockchain built for financial applications. The move is part of a broader plan to bring the lender's entire historical loan book onchain.
Record count nearly doubles since December
The lender began the migration in December 2025 with roughly 1,259 mortgage records. By September 2026, that figure had grown to 2,079 records, with the tracked asset value reaching approximately $1.1 billion, a nearly 48% increase since launch. Meanwhile, each record carries more than 500 data points covering loan terms, funding history and risk indicators for an individual mortgage file.
According to the company, the onchain records are not new mortgage securities or synthetic instruments. Instead, they function as a data layer sitting on top of the original loans, which keep their existing legal structure. The token representing the migrated records, PAPL0, has an asset market cap of about $1.1 billion, up 48.2% over the past nine months, according to Token Terminal data.
Full portfolio migration still early
The full funded portfolio holds more than 29,000 mortgages worth over $10 billion, and the company intends to migrate all of them onchain. At 2,079 records against that target, the migration is roughly 7% complete. Separately, Pineapple holds a $100 million Injective (INJ) digital asset treasury, with Kraken serving as a primary validator for the staked holdings.
Part of a broader tokenization push
Real estate has become a growing focus of efforts to bring illiquid assets onchain, where tokenization can make property or investment interests easier to divide and transfer. In June, Apex Group joined Goldman Sachs, Archax and LRC Group on a tokenized real estate fund issued through Goldman Sachs' Digital Asset Platform. Dubai has also expanded its own real estate tokenization pilot, recording property transactions on the XRP Ledger.
Still, tokenized real estate remains a small slice of the broader real-world asset market. The sector carries about $226.5 million in distributed value, compared with $38.8 billion across all tokenized RWAs tracked by RWA.xyz.
Sources: Cointelegraph.com News, Crypto Briefing
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