Market Updates: Pump.fun Executes 36% Token Burn, Unveils Revenue-Backed Buyback Program; Tether Signs Mining Equipment Deal with Canaan

Latest Market Updates: As of 29th April 2026.

Crypto markets delivered several notable developments today, highlighted by a historic token burn from Pump.fun, an expanded mining partnership between Canaan Inc. and Tether, and new anti-money laundering measures in Japan targeting crypto-linked real estate transactions.

Pump.fun Burns Over One-Third of Token Supply

Pump.fun, the Solana-based platform, announced on X that it has permanently destroyed approximately $370 million worth of PUMP tokens, equivalent to about 36% of the circulating supply. This marks one of the largest token burn events in recent crypto history.

The future of $PUMP

We have burned ALL bought back $PUMP tokens, around $370M worth of purchases (~36% of circulating supply), to gain trust with our community.

On top of that, we have initiated a programmatic buyback *and burn* scheme at 50% of revenue for the next year to…

— Pump.fun (@Pumpfun) April 28, 2026

The burn was through two blockchain transactions and consisted of tokens accumulated via buybacks over the past nine months. During that period, the platform directed all revenue toward purchasing PUMP tokens from the open market.

This aggressive supply reduction seeks to strengthen holder confidence and address concerns around long-term alignment between the platform and its community.

Shift to a More Sustainable Buyback Model

Following the burn, Pump.fun introduced a revised buyback framework to support both token value and operational growth.

Under the new model, 50% of net revenue will automatically purchase and immediately burn PUMP tokens. The remaining 50% will be allocated to core business functions, including product development, hiring, marketing, and ecosystem expansion.

The company acknowledged that its previous strategy, fully committing revenue to buybacks, limited its ability to scale.

Co-founder Alon Cohen described the updated approach as a turning point, emphasizing its significance. He highlighted the importance of aligning token economics with sustainable platform growth.

Canaan Expands Partnership with Tether

In parallel industry developments, Canaan has secured a new mining hardware order from Tether, reinforcing their ongoing collaboration.

The Singapore-based firm will deliver high-density mining hashboards engineered for immersion-cooled systems, intended for deployment at a South American facility linked to Tether.

The contract also provides the option to make further purchases, allowing Tether to expand operations in line with system performance. The move reflects an industry trend toward customized, data center–style mining environments.

Separately, Canaan reported holding 1,808 Bitcoin, valued at approximately $137 million, marking its highest reserve level to date.

Japan Tightens AML Oversight on Crypto Real Estate

Meanwhile, in Japan, regulators have introduced new guidance to mitigate risks associated with the use of crypto in property transactions. The directive, issued by multiple agencies including the Financial Services Agency and the Ministry of Land, Infrastructure, Transport and Tourism, focuses on strengthening anti-money laundering (AML) controls.

Authorities highlighted the speed and cross-border nature of crypto transfers as key risk factors, noting their potential to facilitate illicit activity. Consequently, real estate agents are now expected to enhance customer due diligence and monitoring practices.

The guidance also reinforces existing legal obligations, requiring agents to report suspicious transactions and cooperate with law enforcement when necessary. Furthermore, it clarifies that converting crypto into fiat for clients may require registration under Japan’s Payment Services Act.

Crypto exchanges are also facing increased scrutiny. Regulators have urged platforms to monitor for unusual activity, particularly large transactions that do not match a user’s financial profile. Additionally, inbound crypto transfers exceeding 30 million yen must be reported under foreign exchange regulations.

The measures have been shared with industry bodies, including the Japan Cryptocurrency Business Association, as part of a broader effort to align crypto-related property transactions with established AML standards.