Backed, the pioneer issuer of tokenized stocks, is expanding its fast-growing xStocks platform through a new partnership with Bybit and Mantle — the modular Layer-2 network built for banking, RWAs, and on-chain finance. The collaboration brings xStocks directly into the Mantle ecosystem, giving users and developers seamless access to tokenized equities on one of Ethereum’s highest-throughput L2s.
The move comes as xStocks continues its rapid rise. Since launching in June, the platform has surpassed $9.7 billion in volume across CEXs and DEXs, with $1.6 billion in onchain transaction volume and 44,000 unique holders.
AUM now stands at $131 million, growing 40% over the past month and 100% over the past two months.
xStocks already spans Ethereum Mainnet and Solana, offering tokenized versions of major equities like NVDAx, AAPLx, and MSFTx, digital-asset treasury positions like MSTRx, and top ETFs including SPYx and QQQx. With Mantle integration, Backed is bringing these tokenized instruments onto a new high-performance, modular execution layer designed for real-world financial flows.
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Mantle Becomes the Latest Exchange Partner in the xStocks Alliance
Mantle positions itself as a distribution layer for real-world assets, connecting institutional capital and TradFi infrastructure with onchain liquidity. With more than $4B in community-owned assets, Mantle combines credibility, liquidity, and scalability with Ethereum-grade security.
Its ecosystem includes native assets such as mETH, fBTC, MI4, and deep partnerships with issuers like Ethena USDe, Ondo USDY, OP-Succinct, and EigenLayer. Given its focus on institutional-grade RWA rails, Mantle is a natural distribution partner for tokenized equities.
“Mantle is building the distribution layer for real-world assets at scale, and xStocks is a natural fit. 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.”
Emily Bao, Key Advisor at Mantle
Through the partnership with Bybit — now the world’s second-largest exchange by trading volume — xStocks will be fully integrated into Mantle, with deposits and withdrawals supported directly via Bybit. This enables frictionless movement of tokenized equities between the exchange and Mantle’s onchain environment, accelerating liquidity and onboarding for millions of users.
Backed Expands xStocks to Mantle Through Bybit Infrastructure
Founded in Switzerland in 2021, Backed is the leading issuer of compliant, freely transferable tokenized equities and ETFs, offering ERC-20 and SPL assets built for use across Ethereum and Solana ecosystems. Backed’s regulatory framework enables institutions and DeFi users alike to interact with tokenized versions of real securities — bridging capital markets with programmable, composable blockchain infrastructure.
For Backed, Mantle represents a crucial next step in global distribution.
“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. We’ve seen incredible adoption and use cases for xStocks since launch, and we’re excited to see what developers build using Mantle’s modular design and scalability. The possibilities are endless.”
Adam Levi, Co-founder of Backed Finance
Mantle’s architecture allows tokenized stocks to function like any other onchain asset — programmable, composable, and ready for DeFi integrations. As tokenized U.S. equities scale at the protocol layer, developers can build yield products, indices, structured strategies, liquidity layers, and new financial primitives directly on top of them.
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Why This Expansion Matters
Bringing xStocks to Mantle unlocks a range of benefits:
For users: Tokenized equities become accessible from wallets and apps they already use across Mantle’s ecosystem.
For developers: xStocks behave like any ERC-20 token, enabling instant integration into DeFi tools, orderbooks, liquidity pools, and structured products.
For the industry: This pushes the tokenization sector closer to a scalable, cross-chain settlement layer for global capital markets.
As the tokenized equities market accelerates, Backed, Bybit, and Mantle are aligning around a shared goal — making traditional assets programmable, liquid, and globally accessible.
