Mantle, Bybit, Backed: US Equities Onchain, Tokenization Wave

The financial landscape is undergoing a profound transformation, driven by the convergence of traditional finance (TradFi) and decentralized finance (DeFi). A pivotal moment in this evolution has arrived with the strategic collaboration between Mantle, a high-performance distribution and liquidity layer for real-world assets (RWAs), Bybit, a leading global cryptocurrency exchange, and Backed, an innovator in compliant tokenized assets. This alliance aims to revolutionize access to U.S. equities by bringing them onchain through the innovative xStocks platform, heralding what many believe to be the next trillion-dollar wave of tokenized assets.

The Dawn of Onchain U.S. Equities

The advent of blockchain technology has consistently pushed the boundaries of what is possible in finance. The latest frontier is the tokenization of real-world assets, with U.S. equities standing as a prime candidate for this digital metamorphosis. Mantle, Bybit, and Backed are at the forefront of this movement, specifically targeting the integration of high-value traditional financial instruments into the blockchain realm. Their collaboration centers on the xStocks platform, a groundbreaking initiative designed to enable continuous, 24/7 access to prominent global assets directly within the robust Mantle ecosystem.

Through xStocks, investors and users can now gain exposure to tokenized equivalents of some of the most influential equities in the global market, identified by ticker symbols such as NVDAx, AAPLx, and MSTRx. This innovation seamlessly bridges the chasm between conventional financial assets and the dynamic, composable environment of decentralized finance. The synergistic partnership leverages Mantle’s high-performance, scalable blockchain infrastructure, Bybit’s extensive global exchange liquidity, and Backed’s meticulously designed, regulated tokenization framework. The result is a comprehensive and fully onchain experience for participants seeking engagement with traditional markets through a decentralized lens.

Bridging Traditional Finance and DeFi

A critical component of this collaboration is the seamless integration established between centralized exchanges (CEX) and the decentralized finance (DeFi) landscape. At its inception, Bybit is committed to providing comprehensive support for both deposits and withdrawals of xStocks via the Mantle network. This functionality establishes a direct bridge between the CEX and the blockchain, facilitating the efficient and secure movement of assets. Such a direct conduit is instrumental in simplifying user onboarding, enhancing liquidity across the ecosystem, and unlocking novel opportunities for both end-users and blockchain developers eager to engage with tokenized markets.

The integrity and reliability of xStocks are paramount. These tokens, meticulously issued by Backed in conjunction with regulated custodians, are designed to be fully backed on a 1:1 basis by their underlying securities. Each token functions as a precise digital mirror of a specific equity or treasury asset, thereby offering transparent, verifiable, and inherently programmable exposure to leading global corporations. This foundational principle ensures that the digital representation maintains a direct and immutable link to its real-world counterpart, fostering trust and enabling innovative financial applications within the decentralized space.

Building Robust Infrastructure for Digital Capital Markets

This integration represents a significant milestone for Mantle, which stands as Ethereum’s largest ZK proof-powered Layer 2 (L2) network. Mantle's architecture is distinguished by its modular design, an advanced data availability layer, and an operational environment characterized by low transaction fees. These attributes collectively enable secure, scalable, and cost-efficient access to tokenized equities, effectively converging the realms of TradFi, CeFi, and DeFi within a unified, onchain framework. This technical prowess is crucial for handling the demands of a high-volume, global capital market.

Within the Mantle ecosystem, tokenized equities transcend mere digital representations; they evolve into programmable financial primitives. This transformation empowers builders and developers to leverage these innovative assets to design entirely new financial instruments, integrate both real-world and crypto assets into sophisticated automated strategies, and optimize capital efficiency across diverse ecosystems. The potential for innovation is vast, ranging from novel lending protocols to advanced derivatives, all built upon the secure and transparent foundation of tokenized real-world assets.

Quotations & Vision

Reflecting on this transformative development, Emily Bao, Head of Spot at Bybit, shared her perspective: "Tokenized equities are fundamentally redefining the interaction between traditional markets and blockchain technology. Bybit is immensely proud to support Mantle’s ambitious vision of cultivating a unified, scalable platform where real-world assets can truly flourish onchain, thereby delivering accessible and innovative financial solutions to a global audience." This statement underscores the strategic importance Bybit places on the broader adoption of tokenized assets.

Further elaborating on the long-term impact, Emily Bao, also a Key Advisor at Mantle, emphasized, "Given Mantle's modular architecture, its premium technology stack, and Ethereum-grade security, combined with Bybit's robust infrastructure and extensive reach, tokenized equities are poised to become a foundational building block for the next era of onchain finance. xStocks, in particular, represents a pivotal stride in converting traditional assets into composable building blocks that can scale seamlessly across Mantle’s ecosystem and power the evolving decentralized economy."

Adding to this sentiment, David Henderson, Head of Growth at Backed, highlighted the multifaceted requirements for this bridge: "It requires more than just tokenization to effectively bridge TradFi and DeFi; a robust infrastructure and efficient distribution channels are equally crucial. Beyond mere accessibility, xStocks are inherently designed for composability. In collaboration with Mantle and Bybit, our objective is to construct an onchain economy that not only integrates capital markets but significantly enhances their efficiency and accessibility."

Mantle's Broader Real-World Asset (RWA) Ecosystem Momentum

This pivotal collaboration to bring U.S. equities onchain is not an isolated event but rather a continuation of Bybit’s ongoing and robust support for Mantle’s expanding RWA ecosystem. This partnership builds upon a series of recent strategic initiatives that underscore Mantle's commitment to becoming the leading platform for real-world asset integration:

• Anchorage Integration: This initiative provides institutional-grade custody solutions for $MNT, significantly expanding global access and enhancing security for institutional investors.
• Moomoo Exchange Listing: The listing of $MNT on Moomoo Exchange broadens its reach to U.S. retail investors, positioning it alongside traditional assets such as stocks and ETFs, and other cryptocurrencies.
• Tokenization-as-a-Service (TaaS): Mantle offers institutions a compliant, end-to-end framework to efficiently tokenize and scale real-world assets directly on its network. This service streamlines the process for organizations looking to enter the tokenization space.
• RWA Hackathons & Scholarships: By fostering innovation through hackathons and empowering talent pipelines with scholarships, Mantle actively accelerates compliant tokenization and promotes institutional adoption within the RWA sector.

Paving the Way for a Trillion-Dollar Tokenized Future

As Mantle continues to solidify its position as the premier liquidity and distribution layer for tokenized assets, this initiative with Bybit and Backed aligns perfectly with its broader roadmap. The goal is to continuously expand RWA integrations, thereby unlocking new avenues for capital efficiency and pioneering advanced composable DeFi strategies throughout its ecosystem. This strategic direction is designed to ensure Mantle remains at the forefront of the evolving digital asset landscape.

The collaboration emphatically reinforces Mantle’s unwavering commitment to enabling open, secure, and scalable access to tokenized assets. By doing so, it meticulously paves the way for broader participation in the multi-trillion-dollar global capital markets through the transformative power of blockchain technology. It is important to note, however, that xStocks are currently not available in the U.S. or to U.S. citizens, and specific geographic restrictions do apply to maintain compliance with relevant regulatory frameworks.

About the Collaborators

About Mantle

Mantle strategically positions itself as the foremost distribution layer and a crucial gateway for institutions and traditional finance entities to seamlessly connect with onchain liquidity and gain access to real-world assets, fundamentally reshaping how real-world finance flows. Boasting over $4 billion in community-owned assets, Mantle combines credibility, substantial liquidity, and robust scalability with institutional-grade infrastructure. The ecosystem is anchored by the $MNT token within Bybit and is further developed through core ecosystem projects such as mETH, fBTC, and MI4. This is complemented by Mantle Network’s strategic partnerships with leading issuers and protocols, including Ethena USDe, Ondo USDY, OP-Succinct, and EigenLayer, fostering a comprehensive and interconnected digital finance environment.

About Backed

Established in 2021, Backed has emerged as a leading issuer of compliant tokenized equities and Exchange Traded Funds (ETFs), notably including its innovative xStocks product line. Backed’s offerings are freely transferable ERC-20 and SPL tokens, ensuring compatibility with both Ethereum and Solana-based platforms. This broad compatibility underscores Backed’s commitment to interoperability within the decentralized ecosystem, providing flexible options for users to engage with tokenized assets.

About Bybit

Bybit stands as the world's second-largest cryptocurrency exchange by trading volume, catering to a vast global community of over 70 million users. Founded in 2018, Bybit is dedicated to redefining openness within the decentralized world by cultivating a simpler, more open, and equitable ecosystem for everyone. With a pronounced focus on Web3, Bybit actively engages in strategic partnerships with leading blockchain protocols to provide robust infrastructure and drive significant on-chain innovation. Renowned for its secure custody solutions, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit effectively bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts alike to unlock the full potential of Web3.