DUBAI, UAE, Nov. 7, 2025 /PRNewswire/ — Mantle, the high-performance distribution and liquidity layer for real-world assets (RWAs), together with Bybit and Backed, today announced its strategic collaboration to bring tokenized U.S. equities onchain through xStocks, enabling 24/7 access to leading global assets directly within the Mantle ecosystem.
Through xStocks, users can gain exposure to tokenized versions of leading equities such as NVDAx, AAPLx, and MSTRx, seamlessly connecting traditional financial assets with the composability of decentralized finance. The collaboration combines Mantle’s scalable blockchain infrastructure, Bybit’s global exchange liquidity, and Backed’s regulated tokenization framework to deliver a fully onchain experience for traditional markets.
Seamless Integration Between CEX and DeFi
At launch, Bybit will provide full support for 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 both 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 global 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.”
Building the Infrastructure for Onchain Capital Markets
This integration marks a major milestone for Mantle, Ethereum’s largest ZK proof-powered L2 network. Combining a modular architecture, advanced data availability layer, and low-fee environment, Mantle enables secure, scalable and cost-efficient access to tokenized equities, seamlessly converging TradFi, CeFi and DeFi within a unified onchain framework.
On Mantle, tokenized equities are more than digital representations, they become programmable financial primitives. Builders and developers can leverage these assets to design innovative 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 Broader RWA Momentum
This collaboration builds on Bybit’s continued support for Mantle’s expanding RWA ecosystem, following recent initiatives such as:
Advancing Mantle’s Vision for Tokenized Markets
As Mantle continues building the premier liquidity and distribution layer for tokenized assets, this initiative aligns with Mantle’s broader roadmap to expand RWA integrations, unlocking new capital efficiencies and composable DeFi strategies across its ecosystem.
The collaboration reinforces Mantle’s commitment to enabling open, secure, and scalable access to tokenized assets, paving the way for broader participation in the trillion-dollar 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 positions itself as the premier distribution layer and gateway for institutions and TradFi to connect with onchain liquidity and access real-world assets, powering how real-world finance flows.
With over $4B+ in community-owned assets, Mantle combines credibility, liquidity and scalability with institutional-grade infrastructure to support large-scale adoption. The ecosystem is anchored by $MNT within Bybit, and built out through core ecosystem projects like mETH, fBTC, MI4 and more. This is complemented by Mantle Network’s partnerships with leading issuers and protocols such as Ethena USDe, Ondo USDY, OP-Succinct and EigenLayer.
Founded in 2021, Backed is the leading issuer of compliant tokenized equities and ETFs, including the innovative xStocks line of products. Backed’s products are freely transferable ERC-20 and SPL tokens compatible with Ethereum and Solana-based platforms. For more information, please visit https://backed.fi/
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
