Pineapple Financial moves $1 billion of mortgage records onto Injective

Pineapple Financial announced that it has migrated over $1 billion in residential mortgage records to Injective, a layer‑1 blockchain designed for financial applications. The move is part of a broader plan to bring its historic loan portfolio onchain.

Scope of the migration

The lender intends to transfer more than 29,000 funded mortgages, representing a total value exceeding $10 billion, to the Injective network. Each mortgage is recorded as an on‑chain entry linked to the original loan file, rather than being re‑packaged as a new security.

Data depth and dashboard

Every on‑chain mortgage record contains over 500 data points, covering loan‑level details that support verification, audit trails, and risk analysis. Pineapple’s internal dashboard shows that the migration now includes 2,079 mortgage records, up from 1,259 when the initiative began in December 2025.

Token representation

The on‑chain mortgage records are tracked by the token PAPL0. According to Token Terminal, PAPL0’s market cap is about $1.1 billion, reflecting a 48.2 % increase over the past nine months. The tokens represent the mortgage records themselves, not ownership of the underlying loans.

Relationship with Injective

Pineapple maintains a $100 million digital asset treasury in INJ, the native token of Injective. The treasury stakes INJ, with Kraken acting as a primary validator for the holdings.

Context in real‑world asset tokenization

Real‑estate tokenization is gaining traction as a way to make traditionally illiquid assets more divisible and tradable. Recent examples include a tokenized real‑estate fund launched by Apex Group, Goldman Sachs, Archax and LRC Group, and Dubai’s pilot using the XRP Ledger for property transactions. Despite growth, tokenized real estate remains a small segment of the broader real‑world asset market, which holds roughly $226.5 million in distributed value compared with $38.8 billion across all tokenized RWAs.