Pineapple Financial has moved more than $1 billion worth of residential mortgage files onto the Injective platform, marking a major step in the Canadian mortgage company's strategy to bring its legacy loan portfolio onto the blockchain.

According to Injective, Pineapple plans to transfer more than 29,000 funded mortgages with a combined value exceeding $10 billion onto Injective's layer-1 blockchain. The process places mortgage files on-chain without altering the mortgages themselves. That distinction matters for lenders weighing similar moves: the migration targets record-keeping infrastructure rather than the legal structure of the loans, an area where compliance questions around blockchain-based assets have slowed adoption.

Each mortgage is registered on the blockchain and tied to its loan file. The registration does not create a new mortgage security or replace the original loan; instead, it produces an electronic record that may help with verifying and reviewing mortgage details. In an industry where loan files are typically verified through document-by-document review, a shared electronic record could reduce duplication of effort when third parties need to confirm loan details.

Pineapple Expands On-Chain Mortgage Records

The mortgage data contains more than 500 loan-level data points. These are intended to support verification, auditing, and risk assessment as Pineapple continues migrating its portfolio to the network. Loan-level data of this kind is the same granularity that rating agencies and institutional investors typically review when assessing mortgage portfolios, so making it available on-chain positions the records for potential use in portfolio due diligence workflows.

Pineapple's dashboard currently shows 2,079 mortgage records on-chain, up from 1,259 records in December 2025, when the project began. The pace of that migration will be a key indicator of whether the full $10 billion portfolio transfer is completed as planned.

The on-chain mortgage token, known as PAPL0, is valued at approximately $1.1 billion, according to Token Terminal, a figure that has risen 48.2% over the past nine months. The PAPL0 token does not represent ownership of the mortgaged assets; it is tied to the mortgages recorded on the blockchain.

The project is a joint initiative by Pineapple Financial and Injective. Separately, Pineapple runs a $100 million digital assets fund for Injective's native INJ token. Pineapple stakes a portion of its INJ, with Kraken serving as one of the validators.

Real Estate Tokenization Continues to Grow

Pineapple's move comes as financial firms increasingly experiment with using blockchain technology to tokenize assets such as property. Tokenization is the process of representing data or interests tied to physical assets in digital form on a blockchain. The technology can make certain assets traceable, divisible, and transferable.

Earlier this month, Apex Group took part in the creation of a tokenized real estate fund alongside Goldman Sachs, Archax, and LRC Group. That fund uses digital assets to offer blockchain-based shares of the fund rather than placing property data itself on-chain. The contrast highlights two distinct approaches now being tested in the sector: tokenizing ownership stakes in funds versus tokenizing the underlying documentation of individual loans.

Dubai is also advancing its real estate tokenization project. In February, the Dubai Land Department launched the second phase of its pilot after tokenizing roughly $5 million worth of property on the XRP Ledger.

Despite the growing number of projects, tokenized real estate remains a niche segment of the broader real-world asset market. Data from RWA.xyz shows the sector holds about $226.5 million in distributed assets, reflecting 11.7% growth over the past 30 days. The wider tokenized real-world asset market is valued at roughly $38.8 billion.

Pineapple's mortgage project illustrates how blockchain technology is extending beyond asset ownership alone. By placing mortgage documentation on-chain, the company is testing blockchain infrastructure as a way to manage large volumes of conventional financial data. If the remaining records are migrated as planned, the project would stand among the larger documented uses of blockchain for conventional loan record-keeping to date.

Sources: Injective blog, Token Terminal, RWA.xyz, Pineapple Digital Assets, Tron Weekly