Pineapple Financial, a Toronto-based mortgage lender listed on the NYSE American, has migrated over $1 billion in residential mortgage records to the Injective blockchain. The number of on-chain records reached 2,079, marking a 65% increase since December 2025. The total value of the PAPL0 asset on the network is approximately $1.1 billion.
Each mortgage record contains over 500 data points for risk analysis and verification, while maintaining original legal and servicing frameworks. Pineapple Financial plans to migrate its entire historical portfolio, which includes more than 29,000 mortgages valued at over $10 billion. The company also holds a treasury position of around $100 million in INJ tokens.
Injective currently accounts for the majority of the $1.34 billion tokenized real estate market. The broader tokenized real-world asset sector is valued at approximately $38.8 billion. In August 2026, Injective registered with the SEC as a transfer agent, allowing the network to manage security ownership records and administrative functions under regulatory oversight.
The market capitalization of the PAPL0 asset has grown by roughly 48% over the past nine months. While the migration strengthens Injective's position in the real-world asset category, analysts note potential risks related to the concentration of assets from a single issuer.
