Pump.fun Burns 36% of PUMP Supply; Tether Backs Expanded Mining Deal With Canaan
Market snapshot as of April 29, 2026: Crypto markets digested three major developments—a large-scale PUMP token burn by Solana-based Pump.fun, a broadened mining partnership between Canaan Inc. and Tether, and tighter antimoney laundering rules in Japan aimed at crypto-linked real estate deals.
Pump.fun said it has permanently destroyed roughly $370 million worth of PUMP tokens, representing about 36% of the circulating supply, in what it described as one of the largest token burns in recent years. The burn was executed via two on-chain transactions using tokens accumulated through buybacks over the past nine months. During that period, the platform directed all revenue to purchasing PUMP on the open market.
The company framed the supply reduction as a step to reinforce holder confidence and address concerns about long-term alignment between the platform and its community.
Following the burn, Pump.fun rolled out a revised buyback framework. Under the new model, 50% of net revenue will be used automatically to buy PUMP and burn it immediately. The remaining 50% will be directed to business needs such as product development, hiring, marketing, and ecosystem growth. Cofounder Aaron Cohen said the change reflects a shift toward sustainable token economics after the prior approach—allocating all revenue to buybacks—constrained the company’s ability to scale.
In mining, Canaan said it has received security from Tether, deepening cooperation between the two firms. The Singapore-based company will supply high-density mining hash boards designed for immersion-cooling systems, slated for deployment at a Tether-connected site in South America. The agreement includes an option for additional capacity, allowing Tether to expand depending on system performance—a sign of the industry’s move toward customized, data-center-style mining setups.
Canaan also reported holdings of 1,808 BTC, valued at about $137 million, its largest bitcoin reserve to date.
Separately, Japanese regulators issued new guidance to curb money-laundering risks tied to cryptocurrency use in property transactions. The guidelines, released by multiple agencies including the Financial Services Agency and the Ministry of Land, Infrastructure, Transport and Tourism, call for stronger AML controls by real estate agents, citing the speed and cross-border nature of crypto transfers as key risk factors. Agents are instructed to enhance customer due diligence and monitoring, while existing obligations to report suspicious transactions and cooperate with law enforcement are reaffirmed.
The guidance also notes that exchanging cryptocurrency into fiat on a customer’s behalf may require registration under Japan’s Payment Services Act. Crypto exchanges are being urged to step up monitoring for unusual activity, including large transfers that do not match a user’s financial profile. Under foreign exchange control rules, crypto inflows above 30 million JPY must be reported. Authorities have shared the measures with industry groups such as the Japan Cryptocurrency Business Association as part of broader efforts to align crypto-related real estate activity with established AML standards.
