DUBAI, UAE, Nov. 7, 2025 — Mantle, Bybit and Backed today announced a strategic collaboration to bring tokenized U.S. equities onchain through a new product line called xStocks. The initiative delivers 24/7 access to tokenized shares such as NVDAx, AAPLx and MSTRx inside the Mantle ecosystem, merging traditional equities exposure with DeFi composability.
How it works
– xStocks are ERC‑20/SPL tokens issued by Backed in partnership with regulated custodians and are backed 1:1 by the underlying securities, providing transparent and verifiable onchain exposure to individual equities and treasury assets.
– Bybit will enable deposits and withdrawals of xStocks via Mantle at launch, creating a straight CEX-to-chain bridge that simplifies onboarding, improves liquidity and allows users to move assets between Bybit and the Mantle Network quickly and securely.
– Mantle provides the scalable blockchain infrastructure — a ZK proof-powered Layer 2 with a modular architecture, advanced data availability and low fees — enabling tokenized equities to act as programmable financial primitives within a composable onchain environment.
Strategic value
The partnership combines Mantle’s performance and developer-friendly stack, Bybit’s exchange liquidity and distribution, and Backed’s regulated tokenization framework. Together they aim to expand access to traditional capital markets while enabling builders to create automated strategies, structured products and cross‑asset integrations that blend real-world assets and crypto liquidity.
Leadership perspectives
Emily Bao, Head of Spot at Bybit, said supporting onchain equities advances Bybit’s goal of bridging TradFi and DeFi, giving global users practical access to tokenized market exposure while supporting Mantle’s vision of a scalable platform for real-world assets. David Henderson, Head of Growth at Backed, emphasized that tokenization must be paired with distribution and infrastructure; xStocks are designed for composability so institutions and developers can build richer onchain markets.
Context and momentum
This launch builds on ongoing activity around Mantle’s RWA ecosystem, including institutional custody integrations, retail exchange listings and Tokenization‑as‑a‑Service offerings. Notable recent initiatives include an Anchorage integration for institutional custody of $MNT, a Moomoo Exchange listing bringing $MNT to U.S. retail investors, TaaS for compliant tokenization workflows, and RWA hackathons and scholarships aimed at accelerating institutional adoption.
Availability and restrictions
xStocks are not available in the U.S. or to U.S. citizens. Geographic and regulatory restrictions apply.
About Mantle
Mantle is a distribution and liquidity layer focused on real-world assets and onchain capital markets. Built as a ZK proof-powered Ethereum Layer 2 with a modular architecture and low fees, Mantle supports developer composability and institutional access. The ecosystem is anchored by $MNT and a growing set of projects and partnerships. More: https://www.mantle.xyz/
About Backed
Backed (founded 2021) issues compliant tokenized equities and ETFs, including the xStocks line. Its tokens are freely transferable and compatible with Ethereum and Solana ecosystems. More: https://backed.fi/
About Bybit
Bybit is a global crypto exchange serving tens of millions of users, focused on custody, liquidity, and bridging TradFi and DeFi. More: https://bybit.com/
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