Pineapple Financial has transferred upwards of $1 billion worth of home mortgage documentation onto Injective, a layer-1 blockchain specialized in financial services, as part of an expansive initiative to bring its legacy loan portfolio onto the blockchain.
Injective announced on Friday that Pineapple intends to ultimately move over 29,000 financed loans totaling more than $10 billion onto the network. Each individual mortgage is represented by an onchain file linked to the primary loan document, rather than being restructured into a novel mortgage-backed security.
These files incorporate more than 500 distinct data points, including loan-specific details built to facilitate validation, audit trails, and risk evaluation. Data from Pineapple’s dashboard indicates that the migration currently encompasses 2,079 mortgage entries, increasing from the 1,259 entries present when the project debuted in December 2025.
According to statistics from Token Terminal, PAPL0—the asset tracking these mortgage documents onchain—boasts a market capitalization of roughly $1.1 billion, reflecting a 48.2% growth over the preceding nine months. These tokens stand for the mortgage records themselves instead of ownership stakes in the underlying loans.
PAPL0 market cap on Injective. Source: Token Terminal
This mortgage transfer forms a component of Pineapple’s broader partnership with Injective, which features a separate $100 million Injective (INJ) crypto asset treasury. Pineapple stakes the INJ originating from this treasury, utilizing Kraken as a principal validator for these assets.
Related: The 5 types of real world assets being tokenized fastest onchain
Real estate tokenization gains momentum
Real estate has emerged as an expanding priority in the drive to shift conventionally illiquid assets onto the blockchain, where tokenization can simplify the division, transfer, and accessibility of property or investment holdings.
Back in June, Apex Group collaborated with Goldman Sachs, Archax, and LRC Group on a tokenized real estate fund distributing shares as digital tokens via the Goldman Sachs Digital Asset Platform. This architecture supplies investors with blockchain-based equity in the fund rather than merely logging property figures onchain.
Dubai has likewise broadened its real estate tokenization initiatives. During February, the Dubai Land Department initiated the second stage of a trial following the tokenization of approximately $5 million in property, with all trades registered onto the XRP Ledger.
Despite this, tokenized real estate represents only a minor fraction of the broader real-world asset (RWA) market. The sector holds around $226.5 million in distributed worth, marking an 11.7% increase across the last 30 days, contrasted with $38.8 billion overall throughout tokenized RWAs monitored by RWA.xyz.
Tokenized real estate. Source: RWA.xyz
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