Pineapple Financial Tokenizes $1B in Mortgages on Injective Blockchain

Real-World Assets & Tokenization News

A publicly listed mortgage lender has placed over $1 billion in tokenized residential loan records on a public blockchain. Pineapple Financial, trading on NYSE American under the ticker PAPL, confirmed Sept. 4 that it has moved a portion of its funded mortgage portfolio onto Injective, a layer-1 network built around financial applications.

The migration reached2,079 individual mortgage records at the time of the announcement, up from 1,259 when the program launched in December 2025. Each record is a digital counterpart to an existing loan file, not a repackaged instrument. The underlying mortgage remains within its original legal and servicing structure. Each record carries more than 500 data points, covering loan-level detail meant to support verification, audit trails, and risk analysis for authorized parties.

Pineapple’s stated target is to bring more than 29,000 funded mortgages, representing over $10 billion in combined value, onto the network over time.

Fragmented Records Are the Problem the Program Solves

Traditional mortgage administration creates reconciliation challenges. Servicers, custodians, and counterparties typically maintain separate databases and must manually align ownership and servicing data, a process that slows down routine verification. An on-chain record gives authorized participants a shared, auditable reference that does not require that reconciliation step.

PAPL0, the token that tracks Pineapple’s mortgage records onInjective (INJ), carried an asset market cap of approximately $1.1 billion on Token Terminal as of the announcement. That figure is up about48% over the prior nine months. PAPL0 tracks the records and does not represent ownership of the underlying loans.

Related Article:Injective Becomes SEC-Registered Transfer Agent in Tokenization Push

A $100M INJ Treasury Sits Alongside the Migration

Pineapple’s relationship with Injective extends beyond thetokenization program itself. The company separately established a $100 million INJ digital asset treasury, adding balance-sheet exposure to the same network it uses operationally. Pineapple stakes INJ from that treasury, with Kraken serving as the primary validator.
On Aug. 19, Injective Institutional Services registered with the US Securities and Exchange Commission as a transfer agent. That registration creates infrastructure that could support regulated securities ownership and transfer records alongside on-chain settlement for institutions that require it. It does not reclassify Pineapple’s mortgage records as securities. Injective Mint, a platform that allows institutions to define, configure, and manage tokenized assets without writing custom smart contracts, is currently running in private alpha. Tokenized real estate as a category accounts for about $226.5 million of the broaderreal-world asset (RWA) market, which spans approximately $38.8 billion across all asset classes, according to RWA(dot)xyz data. That $226.5 million figure is up 11.7% over the prior 30 days.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.

Source: coinmarketcap.com