xStocks, the leading line of tokenized equities by Backed, is expanding to Mantle, the distribution layer connecting TradFi with onchain liquidity through RWAs (real-world assets) tokenization. In partnership with Bybit, Backed Finance is bringing xStocks to Ethereum’s largest L2 network with ZK proofs, seamlessly bridging DeFi and TradFi.
Since launch in June, xStocks have crossed $9.7 billion in volumes on CEXes and DEXes, with over $1.6 billion onchain transaction volume between 44k unique holders. Growing quickly, with over 40% increase in the last month to a total of $131 million AUM in tokenized equities, the solution is deployed across Solana and Ethereum Mainnet, with assets ranging from tech giants like NVDAx, AAPLx and MSFTx to digital asset treasuries such as MSTRx, and ETFs such as SPYx and QQQx.
Backed Finance is partnering with Bybit to bring tokenized equities to Mantle, with full exchange support from the world’s second largest exchange by volume to allow withdrawals and deposits via Mantle, enabling users to move assets between Bybit and Mantle efficiently and securely, accelerating user onboarding and driving liquidity to the blockchain.
“Mantle is building the distribution layer for real-world assets at scale, and xStocks is a natural fit,” said Emily Bao, Key Advisor of Mantle. “Together with Backed and Bybit, we’re turning tokenized equities from static instruments into programmable assets that scale into new innovations and use cases across the Mantle ecosystem.”
As part of its mission to establish the premier liquidity chain, Mantle is capitalizing on the rapidly expanding market for tokenized equities and its long-term ambition of putting the trillion-dollar U.S. capital markets onto blockchain rails. Backed Finance views Mantle as the next step in the xStocks expansion, highlighting the network’s modular design, low transaction fees, high scalability, and Ethereum-grade security as key features for bringing these assets onchain, at scale.
“More than another venue to access capital markets, this expansion takes us closer to our vision of tokenized equities as active assets that compose the new financial system,” said Adam Levi, co-founder of Backed Finance. “We have seen incredible adoption and use cases for xStocks since launch, and are excited to see what can be built using Mantle’s modular design and scalability. The possibilities are endless.”
With tokenized equities set to arrive on Mantle, millions of users will be able to access them from apps and wallets they’re already familiar with, and developers can build new products with the same tech stack they use for other tokens.