Pump.fun has launched 93 Custom Pairs, allowing Solana tokens to trade directly against tokenized stocks, major cryptocurrencies, metals and other assets. The rollout includes 20 stock tokens issued by Backpack Securities through Sunrise, including Boeing, Alibaba, Costco, Dell, IBM, Johnson & Johnson, Lockheed Martin, Reddit, Rivian, Shopify and UPS. Backpack says the tokens are backed 1:1 by underlying shares, redeemable and transferable to traditional brokerages. Creators can use assets such as NVDAx or TSLAx instead of SOL or a stablecoin as the quote asset, while fees may be paid in the paired token. Custom Pairs use Pump.fun’s bonding curve and Pumpswap fee structure, with half of generated revenue sent to a programmatic PUMP buyback-and-burn contract. The model links PUMP economics to trading volume, raising questions about its resilience if speculation declines. The launch also highlights regulatory differences between Backpack’s claimed 1:1-backed tokens and Robinhood’s Stock Tokens, which company documents describe as debt securities providing economic exposure rather than direct ownership. Sunrise and Backpack previously expanded Solana’s tokenized-equity market through listings that included Micron Technology, Moderna and Nike; the earlier rollout began with SpaceX-linked SPCX in June 2026, generated $439 million in first-week volume and later reached $734 million in cumulative trading volume and $465 million in tokenized-equity supply.