Pump.fun has launched Custom Pairs, a feature that lets creators denominate new token launches in tokenized stocks, wrapped crypto assets, metals, and other Solana-based assets instead of only SOL or USDC.
The rollout coincided with Pump.fun's introduction of 20 tokenized U.S. equities on Solana through Sunrise, with an additional 93 asset pairs supported thanks to Sunrise and xStocks.
Protocol fees on the new markets follow the same structure as standard launches, while 50% of revenue generated through Custom Pairs is allocated to its existing PUMP buyback-and-burn program.
How Custom Pairs works
Custom Pairs changes only the asset against which a newly launched token is quoted. Pump.fun is not issuing tokenized stocks or operating a securities exchange. The supported stock tokens are third-party assets with their own issuers, listing providers, legal terms, and redemption mechanics.
Creators can choose supported quote assets including tokenized Nvidia, Tesla, Boeing, and S&P 500 products, as well as wrapped BTC, wrapped ETH, and metals. Tokens still launch through Pump.fun's bonding curve and can later graduate to PumpSwap. Trading fees, creator rewards, cashback, and protocol fees are settled in the selected quote asset. A token launched against tokenized NVDA, for example, distributes rewards in that asset rather than SOL.
Creators can choose either a configurable creator fee or a cashback model. Existing tokens cannot be converted into Custom Pairs after launch.
Pump.fun says 50% of protocol revenue, including fees generated through Custom Pairs, is used to buy PUMP on the open market and burn it. As of Sept. 9, the project's dashboard reported $451.49 million in cumulative buybacks and burns, representing 164.94 billion PUMP removed from circulation. The latest daily burn totaled approximately $800,200.
Tokenized stocks expand onto Solana
Sunrise, a Solana asset-listing platform built around Wormhole's Native Token Transfers framework, brought 20 U.S. stock tokens to Solana for the rollout. Backpack Securities issued the assets and has said they are redeemable 1:1 for the underlying shares.
The initial list included Boeing, Alibaba, Webull, Costco, Dell, and many more.
Pump.fun's broader Custom Pairs menu also includes xStocks issued by Backed Finance. The supported list includes tokenized products tied to Nvidia, Tesla, Apple, Circle, the S&P 500, and the Nasdaq-100, with additional assets expected as providers expand their offerings.
Bart Hillerich
Early liquidity remains limited
Launch-day liquidity remained concentrated in Pump.fun's traditional SOL and USDC markets. The largest Custom Pair pools ranged from roughly $607,000 for wrapped BTC to about $3.07 million for wrapped ETH, while several tokenized stock markets held around or below $1 million in liquidity.
The first observed Custom Pair launches used wrapped BTC rather than tokenized stocks, with reserves in the low thousands of dollars. By 5 p.m. ET on launch day, it had not identified a stock-quoted Pump.fun launch, although Nvidia xStock memecoin pools were already trading on Raydium.
Custom Pairs expands the range of assets creators can use to denominate new launches while bringing tokenized equities into one of Solana's largest token creation platforms.
Early liquidity remains modest outside the platform's core markets, and broader adoption will depend on whether creators and traders embrace the new quote assets.
The launch brings tokenized equities into one of Solana's largest token launch venues. Similar stock-denominated markets have previously appeared on Raydium, while launchpads including StonkFun have experimented with stock- and TAO-denominated token launches.
Bart Hillerich
