TLDR
- Pineapple Financial has migrated over $1 billion in residential mortgage records onto the Injective blockchain
- The project started in December 2025 with 1,259 records and has grown to 2,079 records by September 2026
- Each record holds more than 500 data points covering loan details, borrower profiles and risk indicators
- The company’s full target is 29,000+ mortgages worth over $10 billion
- Pineapple also holds a separate $100 million Injective token treasury
Pineapple Financial, a Toronto-based mortgage lender listed on NYSE American, has placed more than $1 billion in residential mortgage records on the Injective blockchain. The move marks a step forward in the growing effort to bring traditional financial assets onto public blockchain networks.
Today, over $1 Billion in real estate mortgages have been tokenized on Injective.
This also makes Injective one of the largest layer-1 chains by total RWA asset value and marks the beginning as Pineapple Financial tokenizes its $10 Billion portfolio on injective-protocol:native pic.twitter.com/Z6fmwQsOhJ
— Injective 🥷 (@injective) September 3, 2026
The project began in December 2025 with 1,259 mortgage records. By September 2026, that number had grown to 2,079, with the total tracked asset value reaching around $1.1 billion, a rise of nearly 48% since launch.
Injective is a layer-1 blockchain built for financial applications. It was chosen by Pineapple as the foundation for what the company calls its mortgage data migration program.
Each record on the blockchain contains more than 500 data points. These include borrower profiles, loan terms, funding history and risk indicators, all stored as a single auditable entry.
Pineapple has been clear that these are not new financial products. The on-chain records sit on top of the original loans, which keep their existing legal structure. The blockchain layer is meant to make verification and risk analysis easier.
The tokenized records are tracked under the designation PAPL0, which currently carries a market cap of about $1.1 billion, according to Token Terminal data.
A Long Road Ahead
At 2,079 records out of a target of more than 29,000, the company is roughly 7% through its full migration plan. The complete portfolio represents over $10 billion in funded mortgages.
Pineapple also holds a separate $100 million Injective token treasury, with Kraken serving as a primary validator for its staked holdings. This treasury is separate from the mortgage records program.
The company has outlined two additional products tied to the initiative. The first is a permissioned Mortgage Data Marketplace, where institutional buyers could access anonymized loan-level analytics. The second, called Pineapple Prime, would let investors access mortgage-backed yield opportunities on-chain.
Real Estate Tokenization Is Growing
Pineapple is not alone in exploring blockchain-based real estate records. In June, Apex Group joined Goldman Sachs, Archax and LRC Group on a tokenized real estate fund using Goldman Sachs’ Digital Asset Platform.
Dubai’s Land Department also launched a second phase of its real estate tokenization pilot in February, using the XRP Ledger after tokenizing around $5 million in property during its first phase.
Tokenized real estate still makes up a small portion of the broader real-world asset market. The sector holds about $226.5 million in distributed value, compared to $38.8 billion across all tokenized real-world assets tracked by RWA.xyz.
Pineapple’s program remains one of the larger individual efforts in the space, with its $10 billion migration target standing well above most current projects.
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