Pineapple Financial Migrates Over $1 Billion in Mortgage Records to Injective Blockchain

Pineapple Financial, a mortgage technology company, has successfully migrated over $1 billion in residential mortgage records to the Injective blockchain, a platform specialising in financial applications. This move represents a significant step in the company's ambition to transfer its historical loan portfolio entirely on-chain.

The long-term strategy involves migrating more than 29,000 funded mortgages, collectively valued at over $10 billion, to the Injective network. Each mortgage is represented by an on-chain record linked directly to the original loan file, rather than being repackaged into new mortgage securities.

Data and Growth

These digital records encompass more than 500 data points per loan, providing comprehensive information to facilitate verification, maintain audit trails, and support detailed risk analysis. Pineapple's internal dashboard currently shows that 2,079 mortgage records have been migrated, an increase from 1,259 records when the initiative began in December 2025.

The PAPL0 token, which tracks these on-chain mortgage records, now holds an asset market capitalisation of approximately $1.1 billion, reflecting a 48.2% growth over the last nine months, according to data from Token Terminal. These tokens represent the mortgage records themselves and do not confer ownership of the underlying loans.

Broader Blockchain Engagement

This mortgage migration is part of Pineapple Financial's wider engagement with Injective, which also includes a separate $100 million Injective (INJ) digital asset treasury. Pineapple actively stakes INJ from this treasury, with Kraken acting as a primary validator for these holdings.

The initiative highlights the growing trend of bringing traditionally illiquid assets, such as real estate, onto blockchain platforms. Tokenisation aims to enhance the divisibility, transferability, and accessibility of property or investment interests. While Dubai has also advanced its real estate tokenisation efforts, with the Dubai Land Department launching the second phase of a pilot after $5 million in property was tokenised on the XRP Ledger, the overall tokenised real estate sector remains a small segment of the broader real-world asset (RWA) market.