Bybit has strengthened its collaboration with Swiss-based tokenization firm Backed through a new integration with the Mantle blockchain, marking a significant milestone in the convergence of traditional finance and decentralized ecosystems. The expanded partnership introduces tokenized U.S. equities such as Nvidia and MicroStrategy directly to Mantle’s Layer 2 network, offering global investors continuous access, fractional ownership, and on-chain liquidity.
The initiative, launched on November 7, 2025, follows Bybit’s earlier listing of Backed’s xStocks on its Spot platform in June. By leveraging Mantle’s Ethereum Layer 2 infrastructure, the integration is designed to simplify access to high-value U.S. equities for both institutional and retail investors worldwide. It aims to remove long-standing restrictions tied to market hours and geography while enhancing transparency and settlement efficiency through blockchain technology.
Bybit’s management reportedly viewed this collaboration as a key step in bridging centralized and decentralized finance. The company has emphasized that the integration aligns with its broader strategy to expand tokenized financial products and deliver innovative solutions for global users. Mantle’s technology allows tokenized versions of real-world assets (RWAs) to trade around the clock, while Backed provides regulatory assurance through fully collateralized tokens representing genuine shares.
Mantle token utility gains new momentum
The announcement is expected to have a strong impact on the Mantle (MNT) token, which serves as the native governance and utility asset of the Mantle network. As the foundational layer for trading tokenized equities, MNT’s role is expected to expand significantly. The Mantle × Bybit Roadmap, introduced in August 2025, had already aimed to extend the token’s utility beyond governance to include discounted trading fees, collateral use for network nodes, and gas payments. The integration of xStocks now provides a high-profile use case for MNT, likely driving higher demand and on-chain activity.
Tokenized equities are coming to Mantle.
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
— Mantle (@Mantle_Official) November 7, 2025
The collaboration also enhances Bybit’s position at the intersection of traditional and decentralized finance. As one of the leading global exchanges, Bybit has been actively building a presence in the RWA sector, offering tokenized money market funds, gold, and U.S. Treasury bills. The ability to deposit and withdraw tokenized stocks through Bybit while leveraging Mantle’s decentralized infrastructure establishes a seamless link between centralized exchange liquidity and DeFi ecosystems. This development is expected to attract new investors seeking compliant, liquid exposure to traditional assets in tokenized form.
Tokenized equities are no longer static assets.
On Mantle, they become programmable primitives – scaling into new innovatives, composable DeFi strategies, and capital-efficient opportunities across the ecosystem.
As Mantle builds the premier distribution layer and liquidity… pic.twitter.com/iJVDOvcWtP
— Mantle (@Mantle_Official) November 7, 2025
A milestone for real-world asset tokenization
The broader RWA market is anticipated to benefit substantially from this strategic move. The tokenization sector has grown from $5 billion in 2022 to over $30 billion in 2025, with projections suggesting a valuation of up to $2 trillion by 2028. The integration of Bybit, Backed, and Mantle demonstrates the increasing maturity of the space, providing institutional-grade pathways for real-world assets to enter the blockchain economy.
This partnership follows a growing trend of tokenized asset initiatives, such as Backed’s tokenized Coinbase stocks on the Base network and Robinhood’s European stock tokenization. These projects have helped boost liquidity in stablecoins and decentralized exchanges, signaling a rising investor appetite for regulated digital assets.
Industry analysts suggest that the introduction of tokenized equities on Mantle could stimulate broader activity within DeFi protocols, particularly in lending, borrowing, and yield generation. Tokenized assets like NVDAx and MSTRx are expected to be used as collateral, unlocking new liquidity mechanisms and creating more sophisticated financial products.
Paving the way for an integrated financial future
The Bybit–Backed–Mantle alliance is viewed as a defining step toward establishing on-chain capital markets. By offering regulated tokenized stocks on a scalable Layer 2 platform, it lays the groundwork for institutional adoption and mass participation in digital finance. The collaboration also underscores the growing importance of regulatory compliance, interoperability, and technical robustness in tokenization initiatives.
As tokenized markets evolve, experts anticipate continued growth fueled by institutional players like BlackRock and JPMorgan, advancing liquidity, fractional ownership, and global accessibility. While regulatory and jurisdictional challenges remain, the partnership signals that tokenization is moving rapidly from innovation to mainstream finance. The integration of traditional assets into the blockchain through compliant frameworks, as demonstrated by Bybit, Backed, and Mantle, represents a critical inflection point in shaping the future of global financial systems.