Pineapple Financial has moved more than $1 billion in residential mortgage records to a Level-1 blockchain inject focused on financial applications, as part of a larger effort to migrate its historic loan portfolio onchain.
pineapple the plan To eventually transfer more than 29,000 financed mortgages worth more than $10 billion to the network, Injectiv said Friday. Each mortgage is represented by an onchain record attached to the underlying loan file rather than repackaged as a new mortgage security.
The record contains more than 500 data points, including loan-level information designed to support verification, audit trails and risk analysis. of pineapple Dashboard Migration shows there are now 2,079 mortgage records, up from 1,259 when the initiative launched in December 2025.
PAPL0, which tracks mortgage records onchain, has a market value of about $1.1 billion in assets, up 48.2% over the past nine months, according to Token Terminal. Information. The tokens represent mortgage records rather than ownership of the underlying loan.
PAPL0 market cap on injection. Source: Token terminal
The mortgage migration is part of Pineapple’s larger relationship with Inject, which includes a separate $100 million Inject (INJ) digital asset treasury. Betting INJ from Pineapple Treasury, Kraken acts as the primary validator for Holdings.
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Real estate tokenization gains momentum
Real estate has become a growing focus for bringing traditionally illiquid assets onchain, where tokenization can simplify the severance, transfer and access to property or investment interests.
In June, Apex Group joined Goldman Sachs, Arcax and LRC Group in a tokenized real estate fund whose shares are issued as digital tokens through Goldman Sachs’ digital asset platform. The framework allows investors to own blockchain-based fund shares, instead of simply recording property data onchain.
Dubai has also expanded its real estate tokenization efforts. In February, the Dubai Land Department launched the second phase of a pilot after tokenizing nearly $5 million in property by recording transactions on the XRP ledger.
However, tokenized real estate is still a small part of the broader real-world asset (RWA) market. The sector has distributed value of $226.5 million over the past 30 days, up 11.7%, compared to $38.8 billion across tokenized RWAs tracked by RWA.xyz.
Tokenized real estate. Source: RWA.xyz
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