Pump.fun Launches Pre-IPO Token Trading for OpenAI, Anthropic and Six Others

Pump.fun extending pre-IPO exposure to private AI names marks another step in tokenizing assets that have no public market, raising questions about how such tokens are priced and settled absent real equity claims. The Papertrade disclosure is the sharper signal: a token held non-transferable over contract attack risk shows launch infrastructure still carries unresolved security exposure. Meanwhile, Mastercard's stablecoin fraud and sanctions tooling and the Blockchain Association's push on GENIUS Act rules point to compliance maturing faster than trading venues. Whether pre-IPO token demand outpaces these trust gaps is the open question.