A new alliance between Mantle, Bybit, and Backed is bringing U.S. equities like Nvidia and Apple onchain through tokenized xStocks.
Key Takeaways
- Mantle, Bybit, and Backed have partnered to tokenize U.S. equities such as Nvidia, Apple, and Strategy via xStocks, making them available on the Mantle blockchain.
- xStocks are fully backed 1:1 by real-world securities and allow for 24/7 permissionless trading for non-U.S. investors.
- Bybit will support seamless asset transfers between its platform and Mantle, helping onboard users and increase liquidity.
- This initiative strengthens Mantle’s growing ecosystem for real-world assets, pushing blockchain closer to mainstream financial adoption.
What Happened?
Mantle, a high-performance Layer 2 blockchain, has teamed up with crypto exchange Bybit and regulated tokenization firm Backed to launch tokenized U.S. equities through a product called xStocks. These digital assets will represent shares in major companies such as Nvidia (NVDAx), Apple (AAPLx), and Strategy (MSTRx), and will be available for trading directly on the Mantle network.
The collaboration integrates Mantle’s secure and scalable infrastructure, Bybit’s global trading platform, and Backed’s compliant tokenization framework to bridge traditional financial markets with the world of decentralized finance.
Tokenized equities are coming to Mantle.
— Mantle (@Mantle_Official) November 7, 2025
Together with @Bybit_Official and @BackedFi, millions of users will soon be able to access top tokenized equities via @xStocksFi onchain and 24/7 – from NVDAx & AAPLx to MSTRx.
All powered by Mantle’s speed, security and scalability. pic.twitter.com/5CikfudYdv
A Major Leap Toward Real-World Asset Adoption
This partnership is being seen as a defining moment in the rise of real-world assets (RWAs) onchain. xStocks allow non-U.S. investors to trade traditional equities as digital tokens, available 24/7 and without permission, across DeFi and centralized exchange platforms.
Key points include:
- Over $1.6 billion in transaction volume has already been recorded through xStocks, according to Backed.
- The tokenized equities will be fully supported on Bybit for deposits and withdrawals via Mantle, creating a streamlined connection between centralized and decentralized systems.
- xStocks are issued by Backed and held in custody by regulated partners, ensuring they are backed 1:1 by underlying securities, offering both transparency and trust.
Mantle has described itself as a gateway for traditional finance to access the world of onchain assets. With this launch, it’s also fulfilling its goal of becoming the premier distribution and liquidity layer for tokenized markets.
Unlocking Capital and Composability in DeFi
With the backing of Bybit’s exchange infrastructure, Mantle’s zero-knowledge rollup technology, and Backed’s regulatory approach, this partnership enables more than just trading.
xStocks will serve as programmable financial assets, enabling:
- Collateralization for lending and borrowing in DeFi protocols.
- Fractional ownership of high-value stocks.
- Use in yield strategies and synthetic assets.
- New opportunities for developers building automated trading or asset management tools.
Emily Bao added that these assets would now become building blocks for the decentralized economy.
Supporting a Thriving RWA Ecosystem
This move also builds on several of Mantle’s recent RWA-focused initiatives:
- Integration with Anchorage for institutional custody of $MNT.
- Moomoo listing that introduced $MNT to U.S. retail investors.
- Launch of Tokenization-as-a-Service (TaaS) for institutions.
- Hackathons and scholarships to boost RWA developer engagement.
All of this aligns with Mantle’s roadmap to transform traditional capital markets through a secure, open, and scalable onchain infrastructure.
CoinLaw’s Takeaway
In my experience covering the convergence of crypto and traditional finance, this is one of the clearest examples of real-world assets finally becoming useful and accessible on blockchain. Tokenizing stocks like Nvidia and Apple is not just a technical feat. It’s a shift in mindset, opening doors for millions of global users to interact with financial instruments that were once locked behind brokerage walls and market hours.
What I found especially impressive is how this deal integrates ease of access, regulatory compliance, and developer flexibility all at once. From frictionless Bybit transfers to xStocks becoming DeFi building blocks, the vision here goes far beyond speculation. It’s about rebuilding traditional finance in a way that’s open to everyone.
