Pump.fun Founder: New Protective Measures Should be Implemented for Meme Coin Issuance Platforms

As the issuance of the LIBRA memecoin continues to spark controversy, the founder of Pump.fun is calling for the implementation of new protective measures for token issuance platforms.
In a post sent to X on February 18, Alon, the anonymous founder of Pump.fun, said he was "disgusted" by the "insider scam" related to the LIBRA memecoin issuance. Argentine President Javier Milei had briefly shared this token, and some people accused it of being a well - orchestrated scam.
LIBRA was launched on February 15, and Argentine President Milei designated it as the country’s official token.
However, several wallets quickly withdrew more than $107 million in one - sided liquidity from the token’s liquidity pool, and Milei deleted the tweet supporting the token, causing the token’s market capitalization to evaporate by $4.4 billion in just six hours.
However, Alon defended his platform, saying it was created to prevent insiders from controlling token issuances.
Since then, he has called on token issuance platforms to provide protective measures "to ensure that users are as safe as possible while meeting their needs."
Alon said that priorities should include educating users on how to create tokens safely and ethically, making the entry of new traders "more friendly," and ensuring user safety by reducing the visibility of tokens that show suspicious trading patterns or ownership structures.
Meteora Co - founder Resigns
Meanwhile, according to a post sent to X on February 18 by Meow, the co - founder of Meteora and the founder of Jupiter, Ben Chow, the co - founder of Meteora, has resigned from Meteora.
Meow said that the resignation was related to Chow’s "lack of judgment and prudence" regarding certain core aspects of the project in the past few months, but did not elaborate further.
Although some commentators accused the Meteora team of colluding with Hayden Davis of Kelsier Ventures (the person behind the LIBRA token), Meow claimed that neither Meteora nor Jupiter was involved in any illegal acts:
"I would like to reiterate my confidence that neither Jupiter nor Meteora was involved in any insider trading or financial illegal acts, nor did they receive any tokens in an improper way."
In an earlier statement on X on February 17, Chow also denied any insider activities around the LIBRA release by Meteora.
Chow said that neither he nor the Meteora team had ever "privately" received or managed tokens, nor had they been informed of any information about "off - chain transactions."
"To maintain a high level of confidentiality, few people in Meteora have access to any release information," Chow said.
"Neither I nor the Meteora team have damaged the release of $LIBRA by leaking information, nor have we purchased, received, or managed any tokens."
He said that the relationship between Meteora and Davis, the LIBRA deployer, "had no exclusivity or uniqueness."
After the LIBRA scandal, Meow also announced that he would hire the law firm Fenwick and West to investigate the situation and release an independent report. The law firm Fenwick and West is currently facing a lawsuit accusing it of being "directly involved" in helping FTX obscure its relationship with Alameda Research in 2022.

Circle's Vice President of Asia - Pacific Partnerships and Business: What Does the Future of Stablecoins Hold Behind USDC's $56 - billion Market Capitalization?
On February 19, at the Consensus HK 2025 conference, Yam Ki Chan, Vice President of Asia - Pacific Partnerships and Business at Circle, delivered a speech titled "USDC as a Platform for Global Prosperity".
Golden Finance has organized the speech content as follows for readers.
Yam Ki Chan, Vice President of Asia - Pacific Partnerships and Business at Circle
It's a pleasure to see you all. As someone born in Hong Kong, it's always great to be back. I also want to give a shout - out to CoinDesk's Consensus conference and the optimistic attitude of bringing industry elites together to reach a consensus. It's a truly wonderful event.
What Does the Future of Stablecoins Hold Behind USDC's $56 - billion Market Capitalization?
First of all, I'd like to announce that the market capitalization of USDC has reached $56 billion! This was a new all - time high about a week ago. It seems like everyone is talking about it. But what lies behind this $56 - billion high?
Now, there are more than $23 trillion in on - chain transactions completed through USDC, which is different from the situation before 2023. Currently, USDC is on more blockchains than ever. It is used in over 100 countries around the world. Nearly 4 million wallets globally actually hold and use USDC. However, to build a truly successful stablecoin business, there are many other aspects that every member of our team is constantly thinking about.
So, what exactly has made this $56 - billion market capitalization possible?
USDC is the digital dollar on the Internet, with two notable advantages. First is the stability of USDC. USDC is the world's largest regulated dollar - backed stablecoin, regulated in regions such as the United States, Singapore, and Europe, and is supported by a 1:1 reserve. This provides users with the necessary level of trust. The second is settlement efficiency. USDC has the ability to settle dollars with near - instant interest rates and at a very low transfer cost. The combination of these two aspects makes USDC unique.
At present, we are also building a payment protocol for the Internet. This is not limited to USDC but also encompasses the broader stablecoin landscape. Additionally, many people ask me why Circle doesn't launch a Hong Kong dollar - backed stablecoin or stablecoins for other currencies. Currently, we believe that the world will eventually move in that direction. We are focused on being the largest regulated dollar - backed stablecoin, and we are also issuing the euro - backed stablecoin EURC. In the future, we hope to see more stablecoins for different currencies emerging around the world. This is also the future of stablecoins.
Three Main Uses of Stablecoins
Many people may ask, what are the uses of stablecoins? I categorize them into three.
The first is related to digital assets and capital markets. The second is centered around consumer payment solutions. The third is about cross - border payments.
In terms of digital assets and capital markets, whether it's traders, market - makers, or others who need to enter and exit positions, whether it's BTC or other cryptocurrencies, they need to settle some transactions in real - time. We have partnered with many giants in the financial sector, enabling them to use USDC and helping them and their partners settle through USDC.

Regarding consumer payments, companies like HKT, Mastercard, and Visa are using Web3 solutions for digital transformation and moving to the next stage of financing. They are all using USDC for settlement. We are also pleased to see that many companies, including Grab, in emerging markets are using Web3 - related services or using USDC as a way to offer their users dollar savings and dollar - holding options. Recently, we also announced a partnership with Lulu in the Middle East, and we're looking forward to working with them. In the current cases, more often than not, it's telecommunications companies and internet companies that are upgrading by building services on the blockchain. We are helping large companies transition from the traditional finance dimension to the blockchain dimension and providing them with some technical services. How to build, how to complete the transformation, how to view compliance issues? How to handle the travel rule? These are all very important aspects.
When it comes to cross - border payments. Cross - border payments are perhaps the most exciting part of stablecoins. We have partnered with Money Gram, Stellar, and the UNHCR (the United Nations High Commissioner for Refugees) to provide aid dollars to Ukrainian refugees experiencing war. These refugees can directly receive funds from the United Nations and can send and use the money on the Stellar network. Last October, we announced a partnership with Tunes. Tunes transfers funds for many remittance companies and payment companies around the world. How to use USDC and Stable Points to achieve faster commerce and faster payments is a question of truly transformative significance.
The Bright Prospect of Regulation Will Rewrite Cross - border Payment Methods
In the past few months, it was impossible to talk about regulatory issues without a shift in the US regulatory attitude. Now, there are clear regulatory bills on stablecoins in Congress.
If Trump's promise is fulfilled, a regulatory standard will be rolled out within 100 days of his taking office. Currently, the US is lagging behind in regulation. For example, jurisdictions like Europe have already started working through regulations. The EU's MICA regulation came into effect on July 1, 2024. And Circle became the first global stablecoin issuer to comply with the MICA regulation, being able to issue USDC and the euro - backed stablecoin within this framework.
We announced that we will set up an office in Abu Dhabi in the Middle East. In addition, Japan also has regulations on stablecoins. The FSA has actually issued guidelines for well - regulated stablecoins. Hong Kong is also working hard to introduce industry bills, which are similar to the frameworks in the US, Japan, and Europe.
How to regulate stablecoins and what kind of stablecoins will be regulated in different jurisdictions are all issues that need to be coordinated. The stablecoin market has just started. With the improvement of regulation and as more companies create their networks, wallets, and platforms, we will see more settlement transactions happening on the chain in the future.
Small, medium - sized, and large companies will hold treasury bonds on the chain through stablecoins, and they can invest through stablecoins whenever needed. As regulatory laws and regulations become clearer, more and more partners will join this field. We will rewrite the way cross - border payments are made.
I'm really excited about the work in artificial intelligence, so I can't not mention it. What's truly interesting about artificial intelligence is that these AI agents are getting smarter day by day. For AI agents, it would be very stupid to send an email to accounts payable for a bank payment. They are likely to settle on the chain through stablecoins. So I'm super excited about what's to come.
I'm very glad to be a participant in this summit. Thank you very much.