- Pineapple Financial has migrated over $1 billion in residential mortgage records onto Injective, with plans to move over $10 billion in mortgages onchain
- PAPL0, the token tracking these mortgage records, reached a $1.1 billion market cap, up 48.2% over nine months
- Real estate tokenization is expanding, with Goldman Sachs and Dubai launching new initiatives
- Tokenized real estate remains a small slice of the $38.8 billion tokenized RWA market
Pineapple Financial has moved more than $1 billion in residential mortgage records onto Injective, a layer-1 blockchain for financial applications, as part of a broader effort to migrate its historical loan portfolio onchain.
The company plans to eventually migrate more than 29,000 funded mortgages worth over $10 billion onto the network, according to Injective’s announcement. Each mortgage is represented by an onchain record tied to the underlying loan file rather than being repackaged as a new mortgage security.
The records contain more than 500 data points, including loan-level information for verification, audit trails and risk analysis. Pineapple’s dashboard shows 2,079 mortgage records migrated, up from 1,259 when the initiative launched in December 2025.
PAPL0, which tracks the mortgage records onchain, has an asset market cap of about $1.1 billion, up 48.2% over the past nine months, according to Token Terminal data. The tokens represent mortgage records rather than ownership of the underlying loans.
The migration builds on Pineapple’s broader relationship with Injective, including a separate $100 million INJ digital asset treasury. Pineapple stakes INJ from the treasury, with Kraken serving as primary validator for the holdings.
Meanwhile, real estate has become a growing focus of the push to bring traditionally illiquid assets onchain. In June, Apex Group joined Goldman Sachs, Archax and LRC Group on a tokenized real estate fund whose shares are issued as digital tokens through Goldman Sachs’ Digital Asset Platform.
Dubai also expanded its tokenized real estate efforts in February, launching the second phase of a pilot after about $5 million in property was tokenized on the XRP Ledger. However, tokenized real estate remains a small part of the broader real-world asset (RWA) market.
The sector holds about $226.5 million in distributed value, up 11.7% over the past 30 days, compared with $38.8 billion across tokenized RWAs tracked by RWA.xyz.
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