Mantle and Bybit Stack DeFi's New Building Blocks with Tokenized Equities

Mantle, the high-performance blockchain infrastructure for real-world assets (RWAs), has partnered with Bybit and Backed to tokenize U.S. equities onchain, marking a pivotal step in bridging traditional finance (TradFi) and decentralized finance (DeFi). Through Backed's xStocks product, users can now access tokenized versions of major equities such as NVDAx, AAPLx, and MSTRx, enabling 24/7 trading of these assets directly within the Mantle ecosystem.

The collaboration leverages Mantle's scalable zero-knowledge (ZK) proof-powered Layer 2 network, Bybit's global liquidity, and Backed's regulated tokenization framework to create a seamless onchain experience for traditional markets, according to a PR Newswire release.

At launch, Bybit will support deposits and withdrawals of xStocks via Mantle, creating a direct bridge between centralized exchange (CEX) liquidity and decentralized infrastructure. This integration allows users to move assets between Bybit and Mantle securely, reducing onboarding friction and enhancing liquidity mobility. xStocks tokens, issued by Backed in partnership with regulated custodians, are fully backed 1:1 by their underlying securities, offering transparent and programmable exposure to global equities, as noted in The Block report. Emily Bao, Head of Spot at Bybit, emphasized that "tokenized equities are redefining how traditional markets interact with blockchain technology," adding that the partnership aligns with Bybit's mission to deliver innovative financial solutions to a global audience.

Mantle's role as Ethereum's largest ZK-powered L2 network positions it as a critical infrastructure layer for onchain capital markets. The platform's modular architecture, low-fee environment, and advanced data availability layer enable secure, scalable, and cost-efficient tokenized equity operations. On Mantle, these assets transcend mere digital representations, becoming programmable financial primitives that developers can integrate into automated strategies, lending protocols, or synthetic indices. David Henderson, Head of Growth at Backed, noted that "it takes more than tokenization to bridge TradFi and DeFi; you need infrastructure and distribution," highlighting how xStocks' composability could drive the next wave of decentralized financial innovation, as explored in a FinanceFeeds article.

This collaboration builds on Mantle's broader RWA expansion, including recent partnerships like Anchorage's institutional-grade custody for $MNT, Moomoo Exchange's listing of $MNT for U.S. retail investors, and Tokenization-as-a-Service (TaaS) frameworks for compliant asset scaling. The integration of xStocks further solidifies Mantle's vision of becoming the premier liquidity and distribution layer for tokenized assets, converging TradFi, centralized finance (CeFi), and DeFi into a unified onchain framework. However, xStocks are currently unavailable in the U.S. or to U.S. citizens due to regulatory restrictions, underscoring the challenges of global compliance in asset tokenization, as reported by GlobalCrypto.

As tokenized equities gain traction, they could unlock new capital efficiencies and democratize access to global markets. Bybit's integration of xStocks onto Mantle not only expands its user base but also positions the exchange as a leader in merging crypto and traditional asset classes. With over $4 billion in community-owned assets, Mantle's ecosystem—anchored by projects like mETH, fBTC, and EigenLayer—continues to attract institutional and retail participants seeking scalable, secure, and interoperable financial tools. The partnership signals a broader industry shift toward tokenized markets, where blockchain infrastructure transforms real-world assets into composable building blocks for the decentralized economy, as covered by BitcoinWorld.