Mantle, Bybit, and Backed Launch xStocks to Bridge U.S. Equities with Onchain Finance

Mantle, Bybit, and Backed Launch xStocks to Bridge U.S. Equities with Onchain Finance

Key takeaways

• xStocks introduces tokenized U.S. equities like NVDAx and AAPLx, enabling real-time trading within the Mantle ecosystem
• Bybit enables seamless asset transfers between its centralized exchange and the Mantle Network
• Backed ensures 1:1 tokenization of assets with a regulatory-compliant structure and secure custodianship

Real-world equities meet blockchain composability

Mantle has joined forces with exchange platform Bybit and tokenization firm Backed to bring U.S. equities onchain via xStocks, a new tokenized asset initiative. This move enables round-the-clock access to stocks like NVDA, AAPL, and MSTR in the form of blockchain-native assets, directly within the Mantle ecosystem.

xStocks aims to create a seamless pathway between traditional finance and decentralized finance by blending Mantle's Ethereum-based layer-2 infrastructure with Bybit’s centralized exchange liquidity and Backed’s compliance-first issuance framework. Each xStock token represents a single underlying equity, backed 1:1 and issued in collaboration with regulated custodians.

Bybit will allow users to deposit and withdraw xStock tokens via the Mantle Network, establishing a direct route between its centralized platform and the decentralized chain. This integration simplifies user onboarding and enables frictionless movement of assets between the two environments.

Infrastructure designed for composability and access

Built on Ethereum’s zero-knowledge proof-powered layer-2, Mantle’s network architecture is designed to support programmable tokenized assets. Developers can integrate tokenized equities into DeFi strategies and design financial instruments that blend traditional and crypto-native markets. The architecture combines low fees, a modular structure, and robust security, allowing for scalable adoption across applications.

"Tokenized equities are redefining how traditional markets interact with blockchain technology. 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."
—Emily Bao, Head of Spot at Bybit

Emily Bao, also a key advisor at Mantle, added: "With Mantle’s modular design and Ethereum-grade security, tokenized equities are poised to become foundational assets for a new era of finance."

"It takes more than tokenization to bridge TradFi and DeFi; you need infrastructure and distribution. 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."
—David Henderson, Head of Growth at Backed

Expanding the tokenized asset landscape

The xStocks launch is part of Mantle’s broader initiative to expand its real-world asset (RWA) offerings. Recent milestones include:

• Integration with Anchorage for institutional-grade custody of $MNT
• Listing of MNT on Moomoo Exchange to reach U.S. retail investors
• Launch of Tokenization-as-a-Service (TaaS) for institutions
• Hackathons and scholarships aimed at developing compliant RWA solutions

Together, these developments reflect Mantle’s long-term strategy to establish itself as a central distribution and liquidity layer for tokenized markets. The ecosystem continues to evolve as Mantle supports a range of assets and protocols, including mETH, fBTC, and tokenized dollar alternatives like USDe and USDY.

The bottom line

The collaboration between Mantle, Bybit, and Backed is another indicator of blockchain’s expanding role in transforming global finance. By turning traditional equities into programmable, composable assets, xStocks represents a step toward building more flexible, accessible, and integrated capital markets. As the demand for real-world asset tokenization grows, initiatives like these are helping set the standard for what the next generation of finance could look like.