Canadian fintech publicly listed company Pineapple Financial recently made a major move—migrating its managed $10 billion mortgage asset portfolio onto the Injective blockchain.

It's not just a simple "backup of data onto the chain." Currently, 1,200 loans with a total value of $412 million have been tokenized. Each loan is broken down into over 500 data dimensions on the blockchain: interest rate, repayment installments, property valuation, borrower credit history… all accessible in real-time, with records stored permanently and tamper-proof.

Behind this is actually a complete overhaul of operational logic.

What does traditional mortgage business look like? Audit cycles are monthly, asset liquidity is geographically restricted, data is stored on individual institutions' servers, and transferring ownership requires dealing with multiple intermediaries. Now? On-chain audits can run anytime, global investors can participate in providing liquidity, all data is open, transparent, and verifiable, and assets can be divided, combined, or reprogrammed on demand.

Why choose Injective? Besides its native support for RWA modules and compliance frameworks, the key point is that Pineapple has already tested with $100 million—technically feasible, regulatory approval achievable, and market demand existing.

This is not just a chain migration experiment by a single company; it’s a signal: when traditional financial institutions start actively moving core assets onto the chain, the narrative of DeFi and RWA has shifted from "concept validation" to "scaling implementation." Financial sectors that have been entrenched for decades are redefining their existence through code.