Pump.fun has added trading for any HyperEVM token through $USDC as Hyperliquid L1 records about $503 million in decentralized exchange volume over 24 hours.
Pump.fun said on Aug. 26 that its application now supports tokens issued on HyperEVM, giving users a new route to buy and sell the assets with $USDC.
The company described itself as the first application to introduce HyperEVM assets into this type of trading interface. Pump.fun did not provide independent evidence supporting the claim, which could not be verified at the time of publication.
Alongside token swaps, users can earn rewards when people trade through their referral links. Pump.fun also described transaction costs as close to zero, although its announcement did not publish an exact fee schedule or explain whether network gas charges are included.
At least one HyperEVM asset is already visible through the application. Pump.fun’s market page for EGG states that users can trade the token on Hyperliquid through Pump, confirming that the service was active when the page was checked.
Pump.fun has expanded beyond its Solana token market
Created as a Solana-based token launchpad, Pump.fun allows users to issue and trade tokens without setting up a conventional liquidity pool at launch. Its application became closely associated with meme coins, many of which trade on an automated bonding curve before moving to an external decentralized exchange.
HyperEVM support adds assets from another blockchain environment to the same interface. The announcement refers only to trading existing HyperEVM tokens and does not say whether users will be able to create HyperEVM assets through Pump.fun.
Trading support also extends Pump.fun’s business beyond the Solana market, which produced most of its activity and fee income. As crypto.news reported on Aug. 10, the platform generated $10.03 million in fees during the previous seven-day reporting period as trading volume reached $2.97 billion.
During that period, Pump.fun used $5.02 million to buy and burn approximately 2.15 billion $PUMP tokens. The company said it directs 50% of revenue to automated repurchases and burns through a locked smart contract, with the mechanism having removed the equivalent of 15.7% of the token’s original supply by Aug. 10.
The platform’s token economics have also faced supply pressure. On-chain tracking in July showed 57.279 billion $PUMP, worth approximately $86.49 million at the time, moving to 121 team and investor wallets after a one-year lockup ended. The transfers began a three-year vesting period, although movements to recipient wallets did not establish that the tokens had been sold.
HyperEVM connects applications with Hyperliquid liquidity
According to Hyperliquid’s documentation, HyperEVM is the Ethereum-compatible smart-contract environment built into the Hyperliquid blockchain. It is not a separate chain and shares the network with HyperCore, the system that handles Hyperliquid’s spot and perpetual order books.
Because HyperEVM supports the Ethereum Virtual Machine, developers can deploy applications written for Ethereum-compatible networks. $HYPE serves as the gas token for transactions, while precompiled contracts and other network tools allow applications to read information from HyperCore.
Spot assets can also move between HyperCore and HyperEVM through Hyperliquid’s transfer system. Once deposited into the smart-contract environment, the assets can interact with decentralized exchanges, lending protocols, and other applications built on HyperEVM.
For users entering through Hyperliquid, the network’s onboarding documentation says they can buy $HYPE with $USDC and then transfer the $HYPE from HyperCore to HyperEVM to cover gas costs. Pump.fun has not explained whether its interface handles that process automatically or whether users must maintain $HYPE separately.
HyperEVM initially reached the testnet in February 2025, when Hyperliquid introduced support for Ethereum-compatible smart contracts. Since then, wallet providers, custodians, and decentralized finance projects have integrated the network.
Circle launched native $USDC on HyperEVM in September 2025 alongside Cross-Chain Transfer Protocol V2. The system lets eligible users move $USDC between supported networks without relying on conventional wrapped tokens.
Circle later became a stakeholder in the Hyperliquid ecosystem by purchasing $HYPE. In May 2026, the stablecoin issuer said it had also extended $USDC support to HyperCore and increased liquidity between HyperCore, HyperEVM and other supported blockchains.
Hyperliquid activity gives Pump.fun a larger token pool
Data from DeFiLlama shows that Hyperliquid L1 currently holds about $1.59 billion in decentralized finance value. Stablecoins on the network have a market value of roughly $6.79 billion, with $USDC accounting for nearly 98% of the total.
Hyperliquid L1 processed around $503 million in decentralized exchange volume over the latest 24-hour period and approximately $3.75 billion over seven days. Perpetual trading volume reached about $12.43 billion over 24 hours and $82.47 billion for the week.
Network activity included roughly 612,000 transactions, 21,900 active addresses, and 5,400 new addresses during the latest daily period tracked by DeFiLlama. Protocols listed on the network include Kinetiq, HyperLend, Project X, HyperSwap, and Felix.
Rising activity has also supported $HYPE’s recent price performance. An Aug. 25 market report said the token had reached a record high near $83.27 before trading around $80.50. $HYPE had opened the preceding seven-day period near $69.60, leaving it with a double-digit gain after some traders took profits.
Pump.fun has not disclosed which decentralized exchanges or liquidity sources execute HyperEVM orders through its interface. Its announcement also did not specify whether every token becomes available automatically or whether contracts must pass technical or security checks first.
US users receive limited federal protection for meme coins
For American users, access to HyperEVM assets does not establish that every listed token has the same regulatory status. The U.S. Securities and Exchange Commission said in a February 2025 staff statement that transactions involving the types of meme coins described in the document generally do not constitute securities offerings.
SEC staff compared typical meme coins with collectibles whose prices depend mainly on trading and market sentiment rather than rights to business income, profits, or assets. Under that view, issuers of qualifying meme coins would not need to register the transactions under the Securities Act of 1933.
The SEC staff statement also said buyers and holders of qualifying meme coins are not protected by federal securities laws. Staff warned that the position does not cover tokens labeled as meme coins to avoid securities requirements or assets whose economic structure otherwise meets the definition of a security.
A March 2026 SEC interpretation reiterated that staff statements have no legal force, do not change applicable law, and have neither been approved nor rejected by the Commission. The agency said regulatory analysis depends on the economic facts surrounding each crypto asset and transaction.
