Solana-based token launchpad Pump.fun has expanded beyond SOL and USDC as the default assets underpinning new token launches, introducing support for tokenized stocks and other assets through a new feature called Custom Pairs. The feature allows creators launching tokens through Pump.fun to choose alternative quote assets, meaning a newly created token can trade directly against a tokenized stock rather than SOL or a dollar stablecoin.
Pump.fun said 93 asset pairings are currently supported through xStocks and Sunrise. The selection includes tokenized exposure to companies such as Nvidia and Tesla, alongside stock indexes including the S&P 500. Major cryptocurrencies and tokenized metals can also serve as pairing assets.
Pump.fun separately added 20 new stock pairings through a partnership with Sunrise, including Boeing, Alibaba, Costco, Dell, Trump Media, IBM, Johnson & Johnson, Lockheed Martin, Pfizer, Reddit, Rivian, Shopify, Snap and UPS.
Token Launches No Longer Depend on SOL
The change alters the basic market structure traditionally used by Pump.fun. Previously, creators generally launched tokens paired against SOL or USDC. Under Custom Pairs, the value of liquidity supporting a new token can instead be denominated in another asset.
A creator could therefore launch a token paired against tokenized Nvidia shares, wrapped Bitcoin or another supported asset. This does not mean Pump.fun is issuing the underlying tokenized stocks. Instead, it is integrating existing tokenized assets available on Solana as quote assets for its bonding curves and PumpSwap liquidity pools.
The 20 new equity pairs introduced with Sunrise use tokenized assets issued by Backpack Securities and transferred to Solana through Wormhole’s Native Token Transfers framework. Pump.fun also supports assets from xStocks, the tokenized-equities platform developed by Backed Finance. The structure effectively combines two crypto trends that previously developed largely independently: permissionless token creation and tokenized real-world assets.
It also creates unusual trading pairs where speculative tokens can be priced directly in assets tracking publicly traded companies.
Half of Revenue Goes to PUMP Burns
Pump.fun is tying the expansion directly to the economics of its PUMP token. Bonding-curve and PumpSwap protocol fees for Custom Pairs remain consistent with standard launches, while 50% of protocol revenue generated through the new pairs will be directed to Pump.fun’s programmatic PUMP buyback-and-burn mechanism.
Creator fees are paid in the selected quote asset and can range from 0.05% to 1%. Pump.fun already uses approximately half of its broader protocol revenue to purchase PUMP from the open market and permanently burn the acquired tokens. Its official dashboard shows daily burns regularly exceeding $1 million during periods of stronger trading activity. Custom Pairs could increase that revenue base if creators and traders adopt alternative markets at scale.
Initial liquidity, however, remains uneven. Early Custom Pair pools have predominantly used major crypto assets rather than equities, with a wrapped Ether market reportedly reaching approximately $3.07 million in liquidity. The expansion nevertheless represents a strategic shift for a platform historically associated almost entirely with memecoins.
Tokenized equities have become an increasingly competitive part of onchain trading, allowing eligible users to gain blockchain-based economic exposure to traditional securities while retaining crypto’s composability and around-the-clock transfer infrastructure. Pump.fun is now applying that composability directly to token creation.
Instead of tokenized stocks simply trading as standalone representations of traditional assets, they can become the liquidity and pricing layer underneath entirely new tokens. That pushes Pump.fun beyond the conventional memecoin launchpad model and closer to becoming a generalized permissionless market-creation platform on Solana.