Mantle’s onchain ecosystem now holds roughly $880 million in stablecoins and tokenized assets, reflecting the network’s rapid diversification into equities, U.S. Treasuries, funds and yield-bearing products. Quick snapshot - Total value: ≈ $880 million (stablecoins ≈ $554 million; tokenized assets ≈ $330 million). — Blockworks Research - Distinct tokenized assets: 985 across commodities, stocks, Treasuries, yield-bearing stablecoins, a pre-IPO vault and the MI4 tokenized fund. - Network metrics: treasury ≈ $1.8 billion, cumulative spot DEX volume ≈ $20 billion, and more than 150 deployed dApps. Stablecoin breakdown and flows - Mantle’s stablecoin supply is heavily concentrated in one asset: USDT0 holds about $440.03 million — nearly 80% of the stablecoin pool. - Other stablecoins on Mantle (circulating supplies): USDe $57.93M; USDC $34.15M; USDT (conventional) $12.96M; AUSD $5.15M; USD1 $2.29M; GHO $1.23M. - Short-term momentum: a dashboard snapshot showed a daily net inflow of $18.42M for USDT0 and $9.94M for USDC. Over 30 days, USDC grew ~33.9% and USDT0 ~9.5%. - Fastest percentage gains came from smaller tokens off low bases: GHO +203.5% and USD1 +190.9% over 30 days. By contrast, USDe, conventional USDT and AUSD declined modestly. Tokenized equities and real-world assets - Equities have surged on Mantle: Nansen counted 155 tokenized equities at the end of June, up from 10 in April (Nansen report, Aug. 25). Offerings include tokens linked to public companies, private firms and ETFs — examples cited include SpaceX exposure and a Franklin Templeton U.S. Equity Index ETF product. - In November 2025 Mantle added Backed’s xStocks via a Bybit partnership, bringing tokenized shares for Apple, Nvidia and other strategies to the chain. Backed says xStocks has processed more than $1.6 billion in tokenized equity volume; its tokens are one-to-one backed by securities held by licensed custodians in Switzerland. Product structure matters - Tokenized equity products are not uniform. Some deliver one-for-one ownership with custodial backing (e.g., Backed’s model), while others are synthetic derivatives offering only price exposure without shareholder rights, voting or direct claims on underlying securities. - That distinction affects investor rights, eligibility and regulatory treatment; each product must be evaluated on its own terms and distribution controls. DeFi RWA vault and yield mechanics - On Aug. 25 Mantle opened its RWA vault to DeFi users after an earlier Bybit-distributed version reached over $200 million AUM. - The vault accepts USDC and USDT0 via Fluxion. The non-leveraged strategy was designed by CIAN, with Grove connecting to yield from the Sky ecosystem and Fluxion providing the UI. - Deposits gain exposure to returns from sUSDS (a savings version of Sky’s USDS)—a variable savings rate set by Sky governance. Mantle listed a target APR of up to 6.5% including incentives; the launch also included Fluxion Points and 5.14 million allocated GROVE tokens (value per depositor depends on participation and market prices). - Risk profile: without leverage, liquidation risk is reduced, but users still face smart-contract risk, stablecoin price moves, liquidity constraints and changes to the Sky savings rate. The Fluxion rollout is self-custodial, shifting custody and private key responsibility back to users (unlike Bybit’s exchange custody). Regulatory context and broader market moves - Regulatory questions loom, especially for U.S. users: tokenized American equities appearing on a public blockchain aren’t automatically legally available in every state or to all investors — eligibility depends on issuer terms, distribution controls and federal/state securities rules. - Stablecoin yield is also under scrutiny: the GENIUS Act restricts payment stablecoin issuers from paying interest directly to holders, and Congress is debating how off-chain rewards or DeFi-generated returns should be treated. Mantle and partners frame returns from the RWA vault as strategy-generated yield from sUSDS, with Fluxion and GROVE incentives provided separately. - Other tokenized-stock approaches are emerging globally. In August, Crypto.com launched tokenized derivatives tied to 1,500 U.S. equities and ETFs for eligible users in approved markets, offering price exposure but not legal ownership. - In the U.S. market, the Depository Trust Company (DTC) won an SEC no-action letter in December 2025 for a defined tokenization service covering eligible assets held in DTC custody for three years. DTC’s plan targets Russell 1000 stocks, major index ETFs, U.S. Treasuries and certain corporate bonds, with a multi-chain approach that includes Stellar and a deployment target of H1 2027. What this means Mantle’s $880 million mix of stablecoins and tokenized assets signals both growing demand for tokenized real-world exposure and the importance of product design and regulatory clarity. Concentrated stablecoin liquidity (dominated by USDT0) and the rapid addition of tokenized equities show the network is becoming a hub for diverse onchain real-world assets — but investors must read the fine print on custody, legal rights and yield sources before participating. Read more AI-generated news on: undefined/news