Mantle, Bybit, and Backed Unite to Tokenize U.S. Equities Onchain

Partnership introduces xStocks, bridging traditional markets with decentralized finance

, the high-performance liquidity and distribution layer for real-world assets (RWAs), has announced a strategic collaboration with and Backed to bring U.S. equities onchain through xStocks — a new tokenized asset product offering 24/7 access to global markets within the Mantle ecosystem. The initiative represents a major step toward integrating traditional finance (TradFi) and decentralized finance (DeFi), potentially unlocking a new trillion-dollar frontier for digital assets.

The collaboration leverages Mantle’s scalable blockchain infrastructure, Bybit’s platform liquidity, and Backed’s regulated tokenization framework to offer fully collateralized, composable, and tradable versions of leading equities such as NVDAx, AAPLx, and MSTRx. Together, the partners are setting a precedent for compliant, transparent, and efficient access to real-world financial instruments through the blockchain.

How xStocks Brings U.S. Equities Onchain

xStocks tokens, issued by Backed in cooperation with regulated custodians, are fully backed 1:1 by the underlying securities. Each token represents a specific U.S. equity or treasury asset, allowing investors to hold verifiable, programmable exposure to top global companies — all within a decentralized environment.

At launch, will support deposits and withdrawals of xStocks via Mantle, creating a direct bridge between centralized platform (CEX) liquidity and Mantle’s DeFi infrastructure. This CEX-to-chain pipeline removes onboarding friction, enhances liquidity mobility, and provides users with a familiar, secure gateway into tokenized TradFi assets.

“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 for unifying traditional and decentralized finance under a scalable and accessible platform.”

Investor Takeaway

Building the Infrastructure for Onchain Capital Markets

The integration positions Mantle — ETH’s largest ZK proof-powered Layer 2 — as the infrastructure backbone for the next generation of onchain capital markets. Mantle’s modular architecture, data availability layer, and low-fee design support scalable tokenized equity operations, merging the liquidity of centralized venues with the flexibility of decentralized protocols.

“It takes more than tokenization to bridge TradFi and DeFi — you need infrastructure and distribution,” said David Henderson, Head of Growth at Backed. “xStocks are built for composability. Together with Mantle and Bybit, we’re creating an onchain economy capable of absorbing and improving traditional capital markets.”

Developers within the Mantle ecosystem can leverage xStocks to build new products — from onchain investment vaults and synthetic indices to DeFi yield strategies powered by tokenized equities. The programmability of these assets transforms equities into financial primitives — components that can be integrated into smart contracts, lending markets, or algorithmic portfolios with ease.

Investor Takeaway

Momentum Across Mantle’s Expanding RWA Ecosystem

The collaboration extends Mantle’s ongoing efforts to expand institutional access and RWA innovation. Recent milestones include:

• Anchorage integration – Providing institutional-grade custody for $MNT.
• Moomoo platform listing – Making $MNT available to U.S. retail investors alongside stocks and ETFs.
• Tokenization-as-a-Service (TaaS) – Offering institutions a compliant framework to tokenize and scale RWAs.
• RWA Hackathons & Scholarships – Supporting new builders and academic pipelines in tokenization research.

These initiatives position Mantle as the distribution and liquidity layer for tokenized markets — bridging decentralized finance, centralized trading, and institutional-grade infrastructure into one composable network.

What’s Next for Onchain Equities

The launch of xStocks signals the beginning of a broader shift toward tokenized capital markets. As Mantle, Bybit, and Backed advance integration, institutional and retail participants will gain streamlined access to real-world assets without intermediaries — an advancement expected to shape the next trillion-dollar opportunity in blockchain finance.

The partners emphasized that xStocks are not available in the U.S. or to U.S. citizens due to regulatory restrictions, but they represent a scalable template for global rollout under compliant frameworks.

“With Mantle’s technology, Bybit’s liquidity, and Backed’s regulatory expertise, tokenized equities will become a foundational pillar for decentralized markets,” added Bao. “This collaboration sets the standard for how traditional assets can live natively onchain.”