Author: Claude, Shenchao TechFlow

Shenchao Introduction: The narrative of "Coin-Stock Integration (Memefi)," which has been hotly discussed in the crypto circle, has finally taken off on the largest coin issuance platform.

On September 9, Pump.fun launched Custom Pairs. The pricing of new coins is no longer locked to SOL and USDC, but has directly expanded to include tokenized US stocks, mainstream coins, and metals, with the official claim of a total of 93 assets. This means that if you issue a "dog coin" based on Nvidia (NVDA), your coin will move in accordance with Nvidia's micro market movements. Although Robinhood Chain had already set record DEX trading volumes for tokenized stocks in July, Pump.fun is the first to directly connect traffic to the "coin issuance outlet." However, from the performance on the first day, the functionality is operating, but the market depth remains thin, and real money is still waiting to see.

Coin Issuance Changes “Chips”: New Coins Directly Reflecting Stock Fluctuations

For the past six months, issuing a dog coin on Pump.fun meant the opposition in the curve was always SOL or USDC. Now, the chips on the table have changed.

On the afternoon of September 9, Pump.fun officially opened the pricing column in the coin issuance form. Anyone can pair new coins with tokenized stocks, wrapped BTC, wrapped ETH, and even silver and gold during coin issuance.

Pump.fun officially highlighted the first batch of 20 US stock quotation targets, including Boeing (BA), Alibaba (BABA), Dell (DELL), Nvidia (NVDA), Tesla (TSLA), and others. The total number of supported quotation assets across the platform reaches as many as 93.

This is more than just a UI change; it directly alters the pricing anchor and trading rhythm of meme coins. Your dog coin not only needs to rely on community sentiment for buying pressure but also must endure the real volatility impacts of the underlying assets (like NVDA) during US stock trading hours.

Securing the Asset Pipeline: Tickets in the Hands of Backpack, Sunrise Responsible for Cross-Chain

You may ask, where do so many genuine Nvidia and Tesla stocks come from on-chain? Behind this is a compliant channel built by three institutions.

The true issuers of these 20 new US stock tokens follow a traditional brokerage compliance route through Backpack Securities. Investors receive assets that have real equity, dividend rights, and have been transferred via DTCC.

With the underlying assets secured, the underlying protocol Sunrise utilizes Wormhole's cross-chain transmission capabilities (NTT) to "embed" these stock tokens into the Solana network, providing initial liquidity on the first day.

In this setup, Pump.fun does not issue stocks or conduct compliance audits (the official documentation even states "listing does not equal endorsement, no audit of underlying"), it purely sells its own traffic and collaborative curves.

The Deadly Attraction for Issuers: Earnings Directly in NVDA

To generate excitement for this new pipeline, Pump.fun made significant moves in its fee structure, presenting a highly attractive proposition for coin issuers (developers).

The rules are simple: issuers can set a trading commission between 0.05% to 1%, and this commission is settled in your "quoted asset." To illustrate in simple terms: if you issue a dog coin paired with NVDA, as long as someone trades in the pool, the equivalent in tokenized Nvidia stock (NVDA) will directly appear in your wallet.

In addition to paying creators, the protocol itself also profits greatly. 50% of all revenue generated from Custom Pairs will go into the $PUMP programmatic buyback and burn contract.

Bare Reality: Thin Markets, Capital Still Observing

"Coin-Stock pairing" is not a new concept in the circle. Back in July, Robinhood Chain created an average daily DEX trading volume of nearly 30 million dollars based on tokenized stock meme trading, once surpassing Solana's on-platform performance. Prior to this, multiple wild meme pools linked to Nvidia had already emerged on Raydium.

Pump.fun now aims to utilize its monopolistic position in issuance to fully integrate the scattered liquidity of "coin-stock integration."

However, while the slogans sound loud (claiming deeper liquidity), the actual market depth speaks honestly. On the first day of functionality launch, when opening Pump.fun's pricing selector, the depth of these new assets was significantly thinner than SOL and USDC. The deepest was wrapped ETH (about 3.07 million dollars), while popular stocks like Nvidia (about 1.13 million dollars) and Tesla (about 0.83 million dollars) barely showed over a million.

Interestingly, within 20 minutes of the launch, the first emerging custom pair saw participants still hesitant to issue stocks and conservatively opting for wrapped Bitcoin (wBTC) as the quoted asset, with a single pool reserve of only around 3,000 dollars.

Conclusion

The issuance outlet has already changed its anchor. The custody, redemption, and dividends of stock tokens are backed by Backpack, while Pump.fun just needs to focus on being the traffic black hole that provides curves.

The only unresolved question moving forward is whether the most fervent speculators in the circle are truly willing to lock their liquidity of "dog coins" in these cold stock tokens?

Once a god-tier dog coin priced in DJT or NVDA emerges, the rhythm of capital on Solana may be completely rewritten.