The Rise of Tokenized U.S. Equities: A New Era of RWA Liquidity and Yield Innovation

The convergence of traditional finance (TradFi) and decentralized finance (DeFi) has reached a pivotal inflection point with the collaboration between Mantle, Bybit, and Backed Finance. By tokenizing major U.S. equities-such as Apple (AAPL), Nvidia (NVDA), Microsoft (MSFT), and MicroStrategy (MSTR)-on the Mantle blockchain, this partnership is redefining liquidity, accessibility, and yield generation in the real-world assets (RWA) space. As tokenized equities gain traction, they are not only bridging the gap between centralized and decentralized ecosystems but also unlocking new financial primitives for global investors.

Strategic Synergy: Mantle's Infrastructure, Bybit's Liquidity, and Backed's Regulation

Mantle's role as a "distribution layer" for RWAs is central to this collaboration. By transitioning to a zero-knowledge (ZK) rollup with Succinct Labs, Mantle has slashed transaction costs and increased throughput, making it an ideal infrastructure for tokenized assets, as noted in a Morningstar report. Bybit, the second-largest cryptocurrency exchange, brings its global liquidity and user base to the table, enabling seamless deposits and withdrawals of tokenized equities (e.g., NVDAx, AAPLx) between its platform and the Mantle blockchain, as detailed in the same report. Meanwhile, Backed Finance's regulated framework ensures compliance, with tokenized shares fully backed 1:1 by their underlying securities and mirroring real-world equity performance, as reported in a markets.financialcontent.com article.

This tripartite alliance creates a flywheel effect: Mantle's scalable infrastructure lowers barriers to entry, Bybit's liquidity attracts retail and institutional investors, and Backed's compliance framework legitimizes the assets for global markets, as noted in the Morningstar report.

Financial Implications: Market Growth, Yield Potential, and Token Utility

The financial stakes are monumental. The RWA market has surged from $5 billion in 2022 to over $30 billion in 2025, with projections suggesting a $2 trillion valuation by 2028, as reported in the markets.financialcontent.com article. Tokenized equities are a key driver of this growth, with Backed's xStocks already generating $1.6 billion in on-chain transaction volume, as noted in the financefeeds.com report. This adoption is further amplified by Mantle's Tokenization-as-a-Service (TaaS) platform, which offers compliance tools and smart contract deployment, enabling developers to create programmable financial instruments, as detailed in the Morningstar report.

The Mantle (MNT) token is also gaining strategic utility. As the native asset of the network, MNT serves as collateral for on-chain transactions and governance, with its price surging to an all-time high of $2 in 2025, as reported in the Morningstar report. This tokenomics model not only incentivizes participation but also aligns long-term value capture with the success of the RWA ecosystem.

Competitive Positioning and Regulatory Considerations

This collaboration positions Mantle, Bybit, and Backed as leaders in the RWA race. Mantle's modular ZK architecture differentiates it from competitors by enabling Ethereum-grade security with lower costs, while Bybit's integration of xStocks into its exchange creates a direct bridge between CEX and DeFi, as noted in the financefeeds.com report. Backed's regulated approach also addresses a critical pain point: compliance. By partnering with custodians like Anchorage and Moomoo Exchange, the initiative ensures jurisdictional adaptability, particularly for non-U.S. investors, as reported in the Morningstar report.

Regulatory clarity in jurisdictions like Singapore and the EU further legitimizes the model, attracting institutional capital and fostering innovation in lending, borrowing, and asset management protocols, as reported in the markets.financialcontent.com article. This regulatory tailwind is crucial for scaling tokenized equities beyond niche markets.

The Road Ahead: A $2 Trillion Vision

The partnership's success hinges on three factors: continued adoption of xStocks, expansion into new asset classes (e.g., real estate, commodities), and regulatory alignment across jurisdictions. With Bybit's global reach and Mantle's infrastructure, the collaboration is well-positioned to capture a significant share of the RWA market. For investors, this represents a dual opportunity: exposure to high-growth equities via tokenized fractional ownership and yield generation through DeFi protocols leveraging these assets.

As the lines between TradFi and DeFi blur, the Mantle-Bybit-Backed alliance is not just tokenizing equities-it is redefining the future of capital markets.