Author: Claude, Deep潮 TechFlow
Shenchao Overview: The hyped crypto narrative of "coin-stock fusion (Memefi)" has finally come to fruition on the largest token launch platform.
On September 9, Pump.fun launched Custom Pairs. Instead of being locked to SOL and USDC, new tokens now directly extend to tokenized U.S. stocks, major cryptocurrencies, and metals—officially supporting 93 underlying assets. This means if you create a meme coin tied to NVIDIA (NVDA), your token’s price will move in sync with NVIDIA’s micro-order book. Although Robinhood Chain already surged past record DEX trading volumes for tokenized stocks in July, Pump.fun is now directly connecting its traffic pipeline to the “coin creation faucet.” However, based on first-day performance, while the functionality works, order books remain thin, and real money is still on the sidelines.
Issuing tokens has become like trading chips: new tokens directly mirror stock price movements.
Over the past several months, launching a dog coin on Pump.fun always meant the counterparty on the bonding curve was SOL or USDC. Now, the chips on the table have changed.
On the afternoon of September 9, Pump.fun officially opened the pricing field in its token launch form. Anyone can now pair their new token with tokenized stocks, wrapped BTC, wrapped ETH, or even silver and gold during launch.
Pump.fun officially announced its first 20 U.S. stock tickers, including Boeing (BA), Alibaba (BABA), Dell (DELL), NVIDIA (NVDA), and Tesla (TSLA). The platform supports a total of 93 quoted assets.
This isn't just a simple UI change—it fundamentally alters the pricing anchor and trading rhythm of meme coins. Your dog coin must now absorb community-driven buying pressure while also facing real-world price fluctuations of its underlying asset (e.g., NVDA) during U.S. market hours.
Get the asset pipeline sorted: the tokens are in Backpack, and Sunrise handles cross-chain transfers.
You might wonder, where are all these real NVIDIA and Tesla tokens on-chain coming from? Behind them is a compliant channel established by three institutions.
The true issuer of these 20 new U.S. stock tokens is Backpack Securities, which follows the traditional brokerage compliance pathway. Investors receive assets with actual equity ownership, dividend eligibility, and cleared through DTCC.
With the underlying assets in place, the underlying protocol Sunrise leverages Wormhole’s cross-chain transfer capability (NTT) to bridge these stock tokens onto the Solana network and provides initial liquidity on day one.
In this setup, Pump.fun does not issue stocks or conduct compliance audits (the official documentation even states, “Listing does not equal endorsement, and the underlying assets are not audited”); it purely sells its own traffic and bonding curves.
The issuer's deadly temptation: taking a cut directly in NVDA
To generate buzz around this new pipeline, Pump.fun has seriously tweaked its fee structure, offering creators an incredibly enticing incentive for launching tokens.
The rules are simple: token issuers can set a trading fee between 0.05% and 1%, and this fee is settled in your "quote asset." Here's the most straightforward example: if you issue a memecoin paired with NVDA, whenever someone trades in the pool, you directly receive tokenized NVIDIA stock (NVDA) in your wallet.
In addition to paying creators, the protocol itself is taking a significant cut. Fifty percent of all revenue generated by Custom Pairs goes to the $PUMP automated buyback and burn contract.
The harsh reality: the order book is too thin, and capital is still on the sidelines.
The concept of "crypto-stocks pairing" isn't new in the space. Back in July this year, Robinhood Chain generated nearly $30 million in daily DEX volume through meme trading based on tokenized stocks, briefly outperforming Solana’s on-chain activity. Even before that, multiple unofficial meme pools pegged to Nvidia had already emerged on Raydium.
Pump.fun now aims to leverage its issuance monopoly to consolidate all the dispersed "token-equity fusion" liquidity.
But while the slogans are loud (claiming deeper liquidity), the actual order book is honest. On the first day the feature launched, opening the price selector on Pump.fun revealed that the depth for these new assets was significantly thinner than that of SOL and USDC. The deepest was wrapped ETH (around $3.07 million), while popular stocks like Nvidia (around $1.13 million) and Tesla (around $830,000) barely exceeded a million in displayed depth.
More interestingly, within 20 minutes of launch, the first Custom Pair to appear still saw users hesitant to list stocks; instead, they opted for the more conservative choice of wrapped Bitcoin (wBTC) as the quote asset, with a single pool reserve of only around $3,000.
Summary
The issuance anchor has been switched. Backpack backs the custody, redemption, and dividends of the stock tokens; Pump.fun only needs to focus on being the traffic black hole that provides the curve.
The only remaining question is: Will the most enthusiastic speculators in the space truly lock their speculative liquidity from dog coins into these cold stock tokens?
Once a memecoin priced in DJT or NVDA emerges, the flow of funds on Solana could be completely transformed.