Pineapple ships $1B of mortgages onchain, proves even your loan has entered the chat 🏠

Pineapple Financial has moved more than $1 billion in residential mortgage records onto Injective, a layer-1 blockchain built for financial applications, as part of an effort to migrate its historical loan portfolio onchain. The company plans to bring more than 29,000 funded mortgages worth over $10 billion onto the network, Injective said Friday. 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 designed to support verification, audit trails and risk analysis.

Pineapple's dashboard shows the migration now includes 2,079 mortgage records, up from 1,259 when the initiative launched in December 2025. PAPL0, the token tracking 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 mortgage migration is part of Pineapple's broader relationship with Injective, which includes a separate $100 million Injective (INJ) digital asset treasury. Pineapple stakes INJ from the treasury, with Kraken serving as a primary validator for the holdings.

Real estate has become a growing focus of the push to bring traditionally illiquid assets onchain, where tokenization can make property or investment interests easier to divide, transfer and access. 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. That structure gives investors blockchain-based ownership of fund shares rather than simply recording property data onchain. Dubai has also expanded its real estate tokenization efforts, with the Dubai Land Department launching the second phase of a pilot in February after about $5 million in property had been tokenized, with transactions recorded on the XRP Ledger.

Tokenized real estate still remains a small part of the broader real-world asset (RWA) market, with the sector holding 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.