- Mantle launched xStocks on its Layer 2, tradable via Fluxion DEX.
- xStocks are collateralized tracker certificates compliant with the Swiss DLT Act.
- Initial tickers include TSLAx, NVDAx, AAPLx, METAx, GOOGLx, SPYx, and QQQx.
- Fluxion uses a hybrid AMM and RFQ model to reduce slippage; Bybit provides direct deposit and withdrawal rails.
Mantle has launched xStocks, a tokenized equities trading product built in partnership with cryptocurrency exchange Bybit, DeFi protocol BackedFi, and trading platform Flowdesk. The product went live on Friday on Fluxion, Mantle’s native decentralized exchange, representing one of the first deployments of tokenized stock trading on an Ethereum Layer 2 network. The launch follows Mantle’s xAssets release earlier this month.
Ten Securities, One Hybrid Model
xStocks are structured as fully collateralized tracker certificates issued as ERC-20 tokens representing ownership in underlying securities. The instruments comply with Switzerland’s DLT Act, a regulatory framework governing tokenized financial instruments, and are available exclusively through Fluxion.
The opening lineup spans ten assets, TSLAx, NVDAx, AAPLx, METAx, GOOGLx, MSTRx, HOODx, SPYx, QQQx, and CRCLx, covering major technology equities and two of the most widely held ETFs in traditional finance.
Execution on Fluxion runs through a hybrid automated market maker and request-for-quote mechanism, engineered to reduce on-chain price slippage while producing fills closer to institutional standards.
Bybit is managing custody infrastructure, allowing users to move xStocks directly between exchange accounts and self-custodied wallets. Participants are advised to confirm local regulatory eligibility before transferring assets across centralized and on-chain venues.
Market Access and Institutional Reach
xStocks general manager Val Gui cited reach into crypto-native audiences as the core rationale for listing on Mantle. “xStocks wanted to provide our users with greater liquidity, 24/7 trading capabilities, and improved accessibility to liquid, global markets,” Gui told The Block.
Emily Bao, a Mantle advisor and Bybit’s spot executive, said the product provides a practical distribution channel for institutional participants seeking equity exposure without leaving the digital asset ecosystem.
The capacity to trade tokenized stocks outside standard market hours is among the product’s more consequential features. Price movements in traditional equities often take hours to be reflected in correlated crypto assets; continuous on-chain settlement could compress that lag.
Whether xStocks attracts meaningful volume will ultimately depend on execution quality, custody transparency, and how access permissions are structured across different user categories, factors that the market will scrutinize closely as trading data accumulates.
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