DUBAI, UAE, Nov. 7, 2025 /PRNewswire/ — Mantle, the high-performance distribution and liquidity layer for real-world assets (RWAs), together with Bybit and Backed, announced a strategic collaboration to bring tokenized U.S. equities onchain through xStocks, enabling 24/7 access to leading global assets within the Mantle ecosystem.
Through xStocks, users can gain exposure to tokenized versions of equities such as NVDAx, AAPLx and MSTRx, connecting traditional financial assets with decentralized finance composability. The collaboration combines Mantle’s scalable blockchain infrastructure, Bybit’s exchange liquidity, and Backed’s regulated tokenization framework to deliver a fully onchain experience for traditional markets.
Seamless CEX–DeFi Integration
At launch, Bybit will support deposits and withdrawals of xStocks via Mantle, allowing users to move assets between Bybit and Mantle Network efficiently and securely. This direct CEX-to-chain bridge simplifies onboarding, drives liquidity, and opens new opportunities for users and developers to engage with tokenized markets.
xStocks tokens, issued by Backed in partnership with regulated custodians, are fully backed 1:1 by their underlying securities. Each token mirrors a specific equity or treasury asset, offering transparent, verifiable, and programmable exposure to leading companies.
“Tokenized equities are redefining how traditional markets interact with blockchain technology,” said Emily Bao, Head of Spot at Bybit. “Bybit is proud to support Mantle’s vision of creating a unified, scalable platform where real-world assets can thrive onchain, delivering accessible and innovative financial solutions to a global audience.”
Infrastructure for Onchain Capital Markets
This integration marks a milestone for Mantle, Ethereum’s largest ZK proof-powered L2 network. With a modular architecture, advanced data availability layer, and low fees, Mantle enables secure, scalable and cost-efficient access to tokenized equities, converging TradFi, CeFi and DeFi within a unified onchain framework.
On Mantle, tokenized equities become programmable financial primitives. Builders and developers can leverage these assets to create new instruments, integrate real-world and crypto assets into automated strategies, and optimize capital efficiency across ecosystems.
“With Mantle’s modular architecture, premium technology stack, and Ethereum-grade security, combined with Bybit’s infrastructure and reach, tokenized equities are set to become a foundational building block for the next wave of onchain finance,” said Emily Bao, Key Advisor at Mantle. “xStocks represents a pivotal step in turning traditional assets into composable building blocks that scale across Mantle’s ecosystem and power the decentralized economy.”
“It takes more than tokenization to bridge TradFi and DeFi; you need infrastructure and distribution,” added David Henderson, Head of Growth at Backed. “Beyond accessibility, xStocks are built for composability. Together with Mantle and Bybit, we’re building the onchain economy to not only absorb capital markets but improve them.”
Driving Mantle’s RWA Momentum
The collaboration builds on Bybit’s continued support for Mantle’s RWA ecosystem, following initiatives such as:
– Anchorage integration, providing institutional-grade custody for $MNT.
– Moomoo Exchange listing, bringing $MNT to U.S. retail investors alongside stocks, ETFs and crypto.
– Tokenization-as-a-Service (TaaS), offering institutions a compliant, end-to-end framework to tokenize and scale RWAs on Mantle.
– RWA Hackathons & Scholarships, fostering innovation and talent pipelines to accelerate compliant tokenization and institutional adoption.
Advancing Tokenized Markets
As Mantle expands as a liquidity and distribution layer for tokenized assets, this initiative aligns with its roadmap to broaden RWA integrations, unlock capital efficiencies and enable composable DeFi strategies across its ecosystem. The collaboration reinforces Mantle’s commitment to open, secure, and scalable access to tokenized assets, aiming to widen participation in global capital markets through blockchain technology.
xStocks are not available in the U.S. or to U.S. citizens. Geographic restrictions apply.
About Mantle
Mantle is a distribution layer and gateway for institutions and TradFi to connect with onchain liquidity and access real-world assets. With over $4B+ in community-owned assets, Mantle combines credibility, liquidity and scalability with institutional-grade infrastructure. The ecosystem is anchored by $MNT within Bybit and includes projects like mETH, fBTC and MI4, alongside partnerships with issuers and protocols such as Ethena USDe, Ondo USDY, OP-Succinct and EigenLayer. More: https://www.mantle.xyz/
About Backed
Founded in 2021, Backed is an issuer of compliant tokenized equities and ETFs, including the xStocks product line. Backed’s offerings are freely transferable ERC‑20 and SPL tokens compatible with Ethereum and Solana platforms. More: https://backed.fi/
About Bybit
Bybit is a global cryptocurrency exchange serving over 70 million users. Founded in 2018, Bybit focuses on Web3 innovation, secure custody, diverse marketplaces and tools that bridge TradFi and DeFi. More: https://bybit.com/
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