Mantle has achieved a significant milestone with its stablecoins and tokenized assets reaching approximately $880 million, according to Blockworks Research data. The network's stablecoin circulating supply stands at approximately $550 million, while tokenized assets account for another $330 million. USDT0 dominates the stablecoin landscape, representing close to 80% of Mantle's stablecoin supply at $440 million, followed by USDC at $34.15 million and conventional USDT at $12.96 million. The network supports 985 distinct tokenized assets across six product categories, including commodities, stocks, U.S. Treasuries, yield-bearing stablecoins, and the MI4 tokenized fund. Recent flows show strong momentum with daily USDT0 net inflows of $18.42 million and USDC inflows of $9.94 million, while USDC supply increased 33.93% and USDT0 rose 9.51% over 30 days.
Mantle has expanded its real-world asset yield business into DeFi with a non-custodial stablecoin vault after its Bybit-based product crossed $200 million in assets under management. According to Mantle's Aug. 25 X thread and PRNewswire release, the new product is available through Fluxion and combines infrastructure from CIAN and Grove to give stablecoin holders direct access to an onchain yield strategy. Users deposit USDC or USDT0 through Fluxion while keeping control of their assets, removing the need to hand funds to a centralized custodian. The vault extends Mantle's proven strategy beyond its original centralized exchange home into an open, self-custodial format built with Grove infrastructure, CIAN's strategy design, and Fluxion's access layer. Deposited stablecoins gain exposure to the yield earned by sUSDS, the savings version of Sky's USDS stablecoin, with Sky setting the applicable savings rate through governance. The target APY is up to 6.5%, alongside token and point incentives including 5.14 million GROVE tokens and Fluxion Points.
The network's tokenized equity selection has expanded dramatically from 10 products in April to 155 by late June, according to Nansen Q2 2026 report. The catalog includes instruments tied to public companies, private businesses, and exchange-traded funds, with products linked to SpaceX and Franklin Templeton's U.S. Equity Index ETF among the available assets. In November 2025, Mantle integrated Backed's xStocks through an arrangement involving Bybit, bringing tokens linked to Apple, Nvidia and Strategy shares onto the network. Backed reported that its xStocks platform had processed more than $1.6 billion in tokenized equity volume, with each token backed one-to-one by underlying securities held through licensed custodians in Switzerland. However, product structures remain important as tokenized equities do not always provide the same legal rights - some products deliver only synthetic price exposure without transferring ownership, voting rights, or shareholder protections.
For American users, the vault's availability depends on Fluxion's terms, wallet restrictions, and applicable federal and state rules. The distinction between stablecoin issuer payments and returns earned through external DeFi strategies is relevant in the United States, with the GENIUS Act preventing payment stablecoin issuers from directly paying interest to holders. The latest CLARITY Act language would prohibit passive yield on stablecoin balances while allowing certain activity-based rewards connected to payments, transfers or platform use. Mantle and its partners have framed the vault's returns as strategy-generated yield sourced from sUSDS rather than direct issuer payments, with Fluxion Points and GROVE tokens presented as separate promotional incentives. The presence of tokenized American equities on a public blockchain does not establish legal availability in every state or to every investor, with eligibility depending on issuer terms, distribution controls and applicable federal and state securities rules. Regulated U.S. market operators are developing alternative models, with Depository Trust Company receiving a SEC no-action letter in December 2025 allowing defined tokenization services for three years, covering eligible assets including Russell 1000 stocks, major index ETFs, and U.S. Treasuries.
