Pump.fun has launched a feature allowing users to create tokens paired directly with tokenised stocks, major cryptocurrencies, metals and other real-world assets on Solana.
The platform’s new “Custom Pairs” system brings memecoins and traditional-market assets into the same liquidity pools, with the initial release supporting 93 pairs through xStocks and Sunrise.
Sunrise has also listed 20 new stock tokens issued by Backpack Securities. The additions include Boeing, Alibaba, Costco, Dell, IBM, Johnson & Johnson, Lockheed Martin, Reddit, Rivian, Shopify and UPS.
Backpack says each token can be redeemed 1:1 for the underlying share and transferred to traditional brokerages. The company’s model is intended to give tokenised equities a route into crypto-native trading rather than leaving them as separate investment products.
Under the new system, a Pump.fun creator can use assets such as NVDAx or TSLAx as the quote asset for a token instead of SOL or a stablecoin. Trading fees can also be paid in the paired asset.
Custom Pairs use the same bonding-curve system and PumpSwap protocol fees as regular Pump.fun launches. Half of the revenue generated by the new pairs will be directed to a programmatic PUMP buyback-and-burn contract.
Creators can set fees from 0.05% to 1%, or choose a cashback arrangement that returns trading fees to users. The structure gives Pump.fun a direct financial interest in increasing activity around tokenised real-world assets.
Concerns over trading activity
DeFi commentator Ignas questioned whether the model would remain viable if speculative interest declined.
“If volume dries up, payouts & buybacks disappear,” he wrote, arguing that the incentive to hold these tokens could weaken quickly when trading activity falls.
Ignas cited Coinbase’s 2021 cycle, when quarterly trading volume dropped by roughly 74% within a year, and said memecoin activity could experience an even sharper decline.
That concern is relevant to Pump.fun’s new structure because the PUMP buyback mechanism will depend partly on continued trading in the tokenised-asset markets.
The launch follows a public dispute over tokenised equities on Robinhood Chain. AMC Entertainment CEO Adam Aron called on Robinhood to stop offering a token linked to AMC, saying it had not been authorised by the company and did not provide ordinary shareholder rights.
Robinhood CEO Vlad Tenev responded by asking Adam what the concern was, pointing to the way Robinhood’s tokenised-equity structure operates.
Robinhood documents describe its Stock Tokens as debt securities that provide economic exposure rather than direct ownership. Backpack, in contrast, says its new Solana stock tokens are backed by, and redeemable 1:1 for, the underlying shares.
The development highlights a wider issue as crypto platforms place equities into programmable markets that operate 24 hours a day, seven days a week, while regulation continues to address how those products should function.
Pump.fun’s Custom Pairs take that experiment further by allowing anyone to build a memecoin market around tokenised stocks and other real-world assets.
