Pump.fun Lets Memecoins Trade Against Tokenized Stocks on Solana

Pump.fun, the Solana memecoin launchpad, now lets anyone create a token paired directly with tokenized stocks, crypto majors, and metals, according to reporting by Bitcoin.com News. The feature, called Custom Pairs, launched with 93 asset pairs through xStocks and Sunrise. It puts memecoin speculation and tokenized equities into the same liquidity pools.

93 Custom Pairs, 20 new stock tokens

The initial rollout supports 93 asset pairs. Twenty new stock tokens have also gone live through Sunrise, issued by Backpack Securities. The list includes Boeing, Alibaba, Costco, Dell, IBM, Johnson & Johnson, Lockheed Martin, Reddit, Rivian, Shopify and UPS.

Backpack says the tokens are redeemable 1:1 for underlying shares and can be transferred to traditional brokerages. That structure differs from the approach Robinhood has taken with its own Stock Tokens, which its documents describe as debt securities offering economic exposure rather than direct ownership.

How the pairing works

A Pump.fun creator can now launch a token against assets such as NVDAx or TSLAx instead of using SOL or a stablecoin as the quote asset. Trading fees can also be paid out in the paired token.

Custom Pairs carry the same Pump.fun bonding-curve and Pumpswap protocol fees as standard launches. Half of all revenue generated by Custom Pairs will flow into a programmatic PUMP buyback-and-burn contract. Creators can charge between 0.05% and 1%, or opt for a cashback model that returns trading fees to users.

That structure gives Pump.fun a direct economic incentive to increase trading around tokenized real-world assets, Bitcoin.com News reported.

The volume problem

DeFi commentator Ignas warned that stock-and-memecoin models built around fees become fragile once speculation cools. "If volume dries up, payouts & buybacks disappear," he wrote, arguing that the incentive to hold such tokens weakens rapidly when trading activity falls.

He pointed to Coinbase's 2021 cycle, when quarterly trading volume fell roughly 74% within a year, and suggested memecoin activity could decline even more sharply. The warning matters because Pump.fun's PUMP buyback mechanism now depends partly on continued turnover in these new markets.

The regulatory fault line

The launch came days after a public clash over tokenized equities on Robinhood Chain. AMC CEO Adam Aron demanded Robinhood stop offering an AMC-linked token, arguing the product was not authorized by the company and did not provide normal shareholder rights. Robinhood CEO Vlad Tenev responded by asking what the concern was, citing Robinhood's tokenized equities structure.

The dispute exposes an open question: crypto platforms are moving equities into programmable, 24/7 markets faster than traditional market rules were designed to accommodate. Pump.fun has now pushed that experiment further by letting anyone build a memecoin market directly on top of tokenized stocks.

Two things are worth watching. First, whether trading volume in the 93 Custom Pairs holds up long enough to sustain the PUMP buyback-and-burn. Second, whether regulators or the companies behind the underlying shares respond to 1:1-backed stock tokens trading around the clock on Solana.