Headline: Mantle brings its $200M CeFi RWA product onchain — non‑custodial stablecoin vault goes live via Fluxion Mantle has moved a proven real‑world-asset (RWA) yield product out of centralized finance and into DeFi: a non‑custodial stablecoin vault that launches on Fluxion after the Bybit-distributed version surpassed $200 million in assets under management. What’s new - On Aug. 25 Mantle announced a DeFi vault that lets users deposit USDC or USDT0 through Fluxion and keep custody of their keys while accessing the same conservative, non‑leveraged RWA yield construction that powered the Bybit product. - The vault integrates CIAN’s onchain vault architecture, Grove’s routing into the Sky ecosystem, and Fluxion’s front‑end for user deposits — effectively linking deposited stablecoins to the yield generated by sUSDS (Sky’s savings version of USDS). How the strategy works (simple flow) 1. User deposits USDC or USDT0 into the Fluxion interface. 2. Fluxion interacts with a CIAN-built non‑custodial vault (positions and transactions remain visible onchain). 3. Grove connects that vault liquidity into Sky’s savings strategies, exposing deposits to the savings rate set by Sky governance (sUSDS). 4. Depositors earn the strategy yield plus any campaign incentives distributed by Fluxion and Mantle. APY, incentives and variable returns - Mantle lists a target APY of up to 6.5%. - The launch campaign adds Fluxion Points and a 5.14 million GROVE token allocation as extra incentives. These are promotional rewards — not guaranteed cash returns — and their value depends on campaign rules, participation and token prices. - The underlying yield comes from Sky’s sUSDS savings rate, which is governance‑set and can change. An Aug. 6 report noted sUSDS supply at 4.61 billion and a savings rate of 3.52% at that snapshot, but neither the rate nor any advertised APY is permanent. Risk profile and protections - The vault is explicitly non‑leveraged, removing one liquidation risk vector. - Remaining risks include smart‑contract vulnerabilities, stablecoin peg or price moves, liquidity strain, and changes to Sky’s governance-set savings rate. - Users now self‑custody, meaning they control keys and approve onchain transactions — they no longer deposit through an exchange custodian as they did with Bybit’s Earn flow. Background and traction - Mantle, Bybit and CIAN launched the custodial Bybit version in December 2025; that product later topped $200M AUM, which Mantle cites as proof of demand before offering a self‑custodial alternative. - Network growth: Nansen data cited by Mantle shows Mantle’s total DeFi TVL exceeded $1 billion after a 230% jump in H1 2026. RWA-focused DeFi TVL is reported above $90 million, Mantle Vault assets over $200 million, and Mantle’s stablecoin market cap about $955 million (120% YoY). Different data providers and reporting dates produce some variance (Mantle also reported RWA TVL at $257 million in other figures). Expanded tokenized offerings - Mantle has rapidly added tokenized equities to its ecosystem — Nansen counted 155 tokenized equities at end of June versus 10 in April, including products linked to SpaceX and Franklin Templeton’s ETF. Note: tokenized equity products don’t automatically confer traditional shareholder rights; eligibility and protections depend on issuer and jurisdiction. Regulatory considerations - Availability for U.S. users will depend on Fluxion’s terms, wallet constraints and federal/state rules. Mantle’s broad “no geography limits” statement does not guarantee legal availability for all U.S. residents. - The U.S. policy debate matters here: proposals like the GENIUS and CLARITY Act language seek to limit passive yield on stablecoin balances, while allowing certain activity‑based rewards. Banking lobby concerns and recent commentary (e.g., Citigroup’s CEO) highlight the tension over third‑party stablecoin rewards versus bank deposits. Mantle and partners position the vault’s returns as strategy‑generated yield from sUSDS, with Fluxion Points and GROVE as separate incentives. Bottom line Mantle’s Fluxion vault takes a CeFi-proven RWA yield product and retools it for self‑custody onchain: same conservative design from CIAN, routed into Sky via Grove, but with users keeping their keys. It expands onchain access to tokenized RWA yield — while retaining typical DeFi risks and regulatory caveats around stablecoin rewards. Read more AI-generated news on: undefined/news