Key facts
- Pineapple Financial has tokenized over $1 billion in mortgage records on the Injective blockchain.
- The company aims to bring more than $10 billion in historical loans onto the network.
- Each tokenized mortgage record contains over 500 data points for verification and audit trails.
- The PAPL0 token, representing these records, has a market capitalization of about $1.1 billion.
Pineapple Financial has successfully migrated over $1 billion in residential mortgage records onto Injective, a layer-1 blockchain designed for financial applications. This move is part of a larger initiative to bring its historical loan portfolio onto the blockchain, with plans to eventually tokenize more than 29,000 funded mortgages valued at over $10 billion.
Each mortgage is represented by an onchain record containing more than 500 data points, including detailed loan-level information intended to facilitate verification, audit trails, and risk analysis. The initiative, which began in December 2025, has already recorded 2,079 mortgage files on the network. The associated token, PAPL0, which tracks these onchain mortgage records, has seen its market capitalization grow to approximately $1.1 billion over the past nine months, a 48.2% increase. These tokens represent the mortgage records themselves, not ownership of the underlying loans.
This mortgage tokenization effort is integrated into Pineapple Financial's broader partnership with Injective, which also includes a separate $100 million treasury of Injective (INJ) digital assets. Pineapple utilizes this treasury for staking INJ, with Kraken acting as a key validator for these holdings.
The tokenization of real estate assets, including mortgages, is gaining traction as a way to bring traditionally illiquid assets onto the blockchain, potentially improving their divisibility, transferability, and accessibility. Recent examples include Apex Group's tokenized real estate fund and Dubai's pilot program for tokenizing property transactions on the XRP Ledger. However, tokenized real estate currently represents a small fraction of the overall real-world asset (RWA) tokenization market.