Pineapple Financial tokenized more than $1 billion in residential mortgage records on the Injective network, establishing the layer-1 blockchain as one of the world’s leading asset tokenization platforms.
The company has been migrating its historical loan book toward verifiable on-chain records such as those provided by Injective, with the goal of transferring its entire portfolio: more than 29,000 mortgages financed for a total value exceeding $10 billion.
Each tokenized record contains more than 500 data points and represents the underlying loan without repackaging it as a new financial instrument. The original file remains within its legal and operational framework, while the digital asset provides an auditable counterpart with an update history, provenance, and granular data at the loan level. This allows servicers, custodians, and counterparties to consult a unified source of information instead of manually reconciling scattered files.
Pineapple’s dashboard reports 2,079 on-chain records compared to the 1,259 recorded at launch in December 2025. Token Terminal registers an asset capitalization of approximately $1.1 billion under the ticker PAPL0, representing an increase of nearly 48% over nine months.
At the same time, the company established a fund with Injective tokens, the INJ Digital Asset Treasury of $100 million, and operates with Kraken as the primary validator for staking its holdings.
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