Toronto-based lender Pineapple Financial has moved 2,079 residential mortgage records worth over $1 billion onto the Injective blockchain, up from 1,259 records at its December 2025 launch. The company plans to eventually migrate its entire $10 billion mortgage portfolio and already holds about $100 million in INJ tokens.
Pineapple Financial, listed on NYSE American under the ticker PAPL, has migrated more than $1 billion worth of residential mortgage records onto the Injective blockchain, giving the layer-1 network a commanding position in tokenized real estate.
The number of on-chain mortgage records has reached 2,079, up from 1,259 when the project launched in December 2025 — a 65% increase in record count over roughly nine months. The dollar value of the PAPL0 asset sitting on-chain has climbed to approximately $1.1 billion.
What the records actually represent
Each mortgage record is a digital representation of the original loan file, packed with more than 500 data points for verification and risk analysis. These are not tokenized securities or fractional ownership stakes in individual properties, and the existing legal and servicing frameworks for each mortgage remain intact.
Pineapple's bigger migration plan
Pineapple's contribution is the largest entry in Injective's tokenized real estate category. Across all chains, total tokenized real estate sits at roughly $1.34 billion, meaning Pineapple alone accounts for most of that category's value. The broader tokenized real-world asset market has grown to approximately $38.8 billion, with real-world assets like real estate still a small slice next to tokenized treasuries and credit products.
Pineapple has disclosed plans to eventually migrate its entire historical portfolio, which includes more than 29,000 funded mortgages valued at upwards of $10 billion. The company also holds a treasury position of around $100 million in INJ tokens, Injective's native cryptocurrency.
Injective's regulatory push
In August 2026, Injective secured SEC registration as a transfer agent, a credential that lets it officially maintain records of security ownership and process transfers under SEC oversight. The PAPL0 asset's market cap has appreciated roughly 48% over the past nine months.
However, Injective's real-world-asset credentials currently rest heavily on a single issuer. If Pineapple's migration stalls, or if the underlying mortgage portfolio faces credit deterioration, the network's tokenized-real-estate narrative could face headwinds.
Source: Crypto Briefing
Trading involves risk.
Risk Disclaimer
