Mantle’s onchain ecosystem is rapidly deepening: the network now hosts roughly $880 million in stablecoins and tokenized assets as its product set expands across equities, Treasuries, funds and yield-bearing instruments, Blockworks Research and other trackers show. Quick snapshot - Combined value: ≈ $880 million (≈ $550M in stablecoins + ≈ $330M in tokenized assets). - Distinct tokenized assets on Mantle: 985, per Blockworks. - Network treasury: ≈ $1.8 billion; cumulative spot DEX volume: ≈ $20 billion; deployed dApps: 150+. Stablecoins — liquidity concentrated in one asset Stablecoins account for most of Mantle’s liquid capital. Blockworks’ dashboard shows a total stablecoin circulating supply of about $553.7 million. That supply is heavily skewed toward USDT0, which alone represents roughly $440.03 million — close to 80% of the network’s stablecoin liquidity. Other stablecoin balances (approximate) - USDe: $57.93 million - USDC: $34.15 million - conventional USDT: $12.96 million - AUSD: $5.15 million - USD1 (World Liberty Financial): $2.29 million - GHO (Aave): $1.23 million Recent flows and momentum - Daily snapshot inflows (when checked): USDT0 net +$18.42M; USDC net +$9.94M. - 30-day changes: USDC +33.93%, USDT0 +9.51%. - Faster percentage growth from small bases: GHO +203.5%, USD1 +190.89%. - Declines: USDe -9.09%, conventional USDT -2.28%, AUSD -0.09%. Tokenized assets and equities surge Mantle’s tokenized supply is diversified across commodities, stocks, U.S. Treasuries, funds, yield-bearing stablecoins, a pre-IPO vault and the MI4 tokenized fund. Nansen flagged rapid growth in tokenized equities — 155 tokenized equities on Mantle at the end of June versus only 10 in April — including products tied to SpaceX and Franklin Templeton’s U.S. Equity Index ETF. Notable integration: Backed xStocks In November 2025 Mantle integrated Backed’s xStocks via an arrangement with Bybit, bringing tokenized shares tied to Apple, Nvidia and other Strategy shares onto Mantle and enabling direct deposits/withdrawals between Bybit and the network. Backed reported that xStocks had processed over $1.6 billion in tokenized equity volume; its tokens are described as one-to-one backed by underlying securities held through licensed custodians in Switzerland. Product structure matters Tokenized equities are not uniform: some products provide one-to-one ownership claims and custodial backing, while others are synthetic derivatives that only provide price exposure without shareholder rights, voting or legal ownership. Investors must evaluate each token’s legal and economic structure, issuer terms, distribution controls and jurisdictional limits. DeFi RWA vault and yield options Mantle opened a DeFi real-world-asset (RWA) vault to self-custodial users on Aug. 25 after an earlier Bybit-distributed version surpassed $200 million AUM. Key details: - Accepted assets: USDC and USDT0 via Fluxion. - Partners: CIAN (strategy design), Grove (connects deposits to Sky ecosystem yield), Fluxion (UI). - Yield exposure: depositors earn returns tied to sUSDS (Sky’s savings version of USDS); Sky governance sets the saving rate, so returns can vary. - Target APY: up to 6.5% (including campaign incentives); additional incentives include Fluxion Points and an allocation of 5.14 million GROVE tokens (value dependent on participation and token prices). - Risk profile: non-leveraged to reduce liquidation risk, but users remain exposed to smart-contract risk, stablecoin price volatility, liquidity conditions and changes to Sky’s governance-set rate. The self-custodial approach shifts custody responsibility from exchange accounts (Bybit) to users’ wallets and private keys. Regulatory landscape and access limits - Tokenized U.S. equities appearing on a public chain do not automatically make them legally available in every U.S. state or to all investors; eligibility depends on issuer terms, distribution controls and federal/state securities rules. - Stablecoin yield is politically sensitive: the GENIUS Act restricts payment stablecoin issuers from paying interest directly to holders. Yields delivered via exchanges, brokers or DeFi remain under congressional scrutiny. Mantle and partners characterize the DeFi vault returns as strategy-generated sUSDS yield, with other incentives supplied separately. - Market models vary: Crypto.com rolled out tokenized derivatives for 1,500 U.S. equities/ETFs in some non-U.S. jurisdictions; those products give price exposure but not legal ownership. Separately, the Depository Trust Company won an SEC no-action letter in December 2025 to run a defined tokenization service for three years — targeting assets like Russell 1000 stocks, major ETFs, U.S. Treasuries and some corporate bonds — and selected Stellar as part of a multi-chain plan with deployment aimed for H1 2027. Bottom line Mantle is building a multi-asset tokenization hub that now holds close to $900 million in stablecoins and tokenized assets, with rapidly growing equities exposure and new yield strategies that bridge DeFi and RWA markets. But concentration in a single stablecoin (USDT0), varying product structures, custody models and an uncertain regulatory backdrop mean investors should scrutinize each product’s terms, custody arrangements and jurisdictional availability before participating. Read more AI-generated news on: undefined/news