Mantle’s Onchain Asset Base Nears $880 Million as Tokenized Equities and Stablecoin Supply Expand
Mantle has accumulated roughly $880 million in stablecoins and tokenized assets, reflecting rapid growth across equities, U.S. Treasuries, funds, and yield-bearing products. According to Blockworks Research data, the network’s stablecoin circulating supply stands at approximately $550 million, while tokenized assets account for another $330 million.
Stablecoin Composition Heavily Weighted Toward USDT0
Stablecoins provide the bulk of liquid capital on Mantle. The latest dashboard readings show a combined circulating supply of about $553.7 million, with USDT0 dominating at $440.03 million—nearly 80% of the total. USDe ranks second at $57.93 million, followed by USDC at $34.15 million and conventional USDT at $12.96 million. Smaller contributions come from AUSD ($5.15 million), World Liberty Financial’s USD1 ($2.29 million), and Aave’s GHO ($1.23 million).
Recent flow data highlights strong inflows for the two largest assets: a daily net inflow of $18.42 million for USDT0 and $9.94 million for USDC. Over a 30-day period, USDC supply grew 33.93% while USDT0 rose 9.51%. Smaller tokens posted sharper percentage gains from lower bases—GHO surged 203.5% and USD1 jumped 190.89%—while USDe, standard USDT, and AUSD each saw modest declines.
Tokenized Equities Catalog Grows to 155 Products
Equities have become a larger segment of Mantle’s tokenized-asset lineup. Nansen counted 155 tokenized equities on the network at the end of June, up from just 10 in April, per an August 25 report. The selection spans public companies, private businesses, and exchange-traded funds, including instruments tied to SpaceX and Franklin Templeton’s U.S. Equity Index ETF.
In November 2025, Mantle integrated Backed’s xStocks via an arrangement with Bybit, bringing tokens linked to Apple, Nvidia, and Strategy shares onto the network. Bybit facilitated direct deposits and withdrawals between its centralized exchange and Mantle. Backed stated its xStocks platform had processed over $1.6 billion in tokenized equity volume, with each token backed one-to-one by an underlying security held through licensed Swiss custodians.
Investors should assess each product individually, as tokenized equities do not uniformly confer legal ownership, voting rights, or shareholder protections. Some offerings deliver only synthetic price exposure. Backed’s one-to-one model differs from derivative-based tokens that track share prices without transferring a claim on the underlying stock.
RWA Yield Vault Opens to DeFi Users
Mantle is also deploying stablecoin liquidity into yield products. On August 25, the network launched its RWA vault to DeFi users after a Bybit-distributed version surpassed $200 million in assets under management. The vault accepts USDC and USDT0 through Fluxion, employing a non-leveraged strategy designed by CIAN. Grove connects deposits to yield from the Sky ecosystem, while Fluxion provides the user interface.
Deposited assets gain exposure to returns from sUSDS, the savings version of Sky’s USDS stablecoin. The savings rate is set by Sky governance and can fluctuate. Mantle’s launch materials cited a target annual percentage yield of up to 6.5%, inclusive of campaign incentives such as Fluxion Points and an allocation of 5.14 million GROVE tokens—actual rewards depend on participation rules and token prices.
Without leverage, the vault eliminates one liquidation risk vector, though users remain exposed to smart-contract failures, stablecoin price volatility, liquidity conditions, and changes to Sky’s governance-set rate. The self-custodial version also shifts control: Fluxion users approve transactions from their own wallets and manage private keys, unlike the prior exchange-account model via Bybit.
Broader Network Metrics Show Scale
Additional Blockworks figures underscore Mantle’s growth: treasury value of approximately $1.8 billion, cumulative spot decentralized exchange volume of $20 billion, and more than 150 deployed decentralized applications.
U.S. Investors Face Access and Regulatory Constraints
For U.S. participants, the availability of tokenized American equities on a public blockchain does not guarantee legal access in every state or for every investor. Eligibility hinges on issuer terms, distribution controls, and applicable federal and state securities regulations.
Stablecoin yield raises separate regulatory questions. The GENIUS Act bars payment stablecoin issuers from paying interest or yield directly to holders, while rewards from exchanges, brokers, and DeFi protocols remain under congressional review. Mantle and its partners characterize the vault’s return as strategy-generated yield from sUSDS—not a direct payment from a stablecoin issuer—with Fluxion Points and GROVE incentives provided separately.
Tokenized-stock models vary in their treatment of U.S. securities. In August, Crypto.com introduced tokenized derivatives linked to 1,500 U.S. equities and ETFs for eligible users in the European Economic Area and other approved markets, offering price exposure without legal ownership or shareholder rights.
Meanwhile, regulated U.S. market infrastructure is advancing. The Depository Trust Company received an SEC no-action letter in December 2025 for a defined tokenization service covering eligible assets held in DTC custody for three years. Potential assets include Russell 1000 stocks, major index ETFs, U.S. Treasuries, and certain corporate bonds. DTC has selected Stellar for part of its multi-chain strategy, targeting deployment in the first half of 2027.
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