The @injective blockchain now hosts more than $1 billion in tokenised real estate, according to data shared by @MSBIntel. The milestone puts $INJ at the centre of the on-chain real estate sector, though the headline figure comes with some important caveats.

What is actually on Injective

The bulk of the figure comes from Pineapple Financial. The Canadian mortgage lender trades on NYSE American and has digitised over $1 billion worth of home loan documentation on the Injective blockchain. The programme began in December 2025 with 1,259 mortgage entries and had grown to 2,079 records by September 2026, with tracked value of about $1.1 billion.

These are not tokenised property shares. Each record is a digital representation of the original loan file with more than 500 data points, and the existing legal and servicing frameworks remain intact. No new securities are issued.

Pineapple also plans to go much further. The company intends to move more than 29,000 funded mortgages, representing over $10 billion, onto Injective. The files transferred so far account for roughly 7% of its overall mortgage portfolio.

Dominant share, but a small market

Injective's lead looks large because the category is still small. Across all chains, tokenised real estate including mortgage portfolios like Pineapple's sits at roughly $1.34 billion, so Pineapple alone accounts for the vast majority of that value. Figures vary by tracker. RWA.xyz reported around $226 million of distributed tokenised real estate as of September 2026 , while the represented value was $1.34 billion.

Real estate is also a minor part of the wider real-world asset (RWA) market. Tokenised RWAs held about $38.6 billion of on-chain value, excluding stablecoins, on 27 September 2026 by rwa.xyz's count. Reports on the Injective deal note a concentration risk: the network's RWA credentials currently rest heavily on a single issuer.

For $INJ holders, the milestone shows institutional use of the network for financial records. Whether it translates into broader demand will depend on how many issuers follow Pineapple and whether the planned $10 billion migration goes ahead. This article is not investment advice.

Sources

Crypto Briefing: Injective tokenizes over $1B in real estate mortgages
Parameter: Pineapple Financial tokenizes $1B in mortgages on Injective
4IRE Labs: Real estate tokenization 2026 market outlook