Mantle has accumulated about $880 million in stablecoins and tokenized assets as its onchain catalog has stretched across equities, Treasuries, funds and yield-bearing products, according to an August report from analytics firm Nansen.
The figure, first reported by crypto.news, puts the Ethereum layer 2 among the more active networks for real-world asset tokenization relative to its size. The total covers two buckets that behave differently: stablecoins, which supply most of the liquid capital, and tokenized instruments, which include everything from ETF trackers to shares of private companies.
Stablecoins carry the liquidity
Stablecoins dominate the balance. Their combined circulating supply on Mantle stands at roughly $553.7 million, and one asset does most of the work. USDT0, the cross-chain version of Tether’s token, accounts for $440.03 million of that. USDe, the synthetic dollar from Ethena, ranks second at $57.93 million, followed by USDC at $34.15 million and conventional native USDT at $12.96 million.
That concentration matters for how the network actually functions. Stablecoin liquidity is what lets any of the other products trade, and most of it arrives through one bridge asset. A disruption to USDT0’s minting or redemption path would hit Mantle’s onchain economy harder than any other single event on the network. The asset is a cross-chain representation of Tether issued through the Tether-backed omnichain framework, which means its solvency ultimately depends on the main USDT system rather than anything native to Mantle.
Some of that liquidity is now parked in yield products. On August 25, the network opened its RWA vault to DeFi users after an earlier version distributed through the Bybit exchange passed $200 million in assets under management. The DeFi vault accepts USDC and USDT0 through an interface built by Fluxion. CIAN designed the non-leveraged strategy, and Grove connects deposits to yield from the Sky ecosystem. Deposited assets gain exposure to sUSDS, the savings version of Sky’s USDS stablecoin, whose rate is set by Sky governance and can change rather than staying fixed for the life of a deposit.
The vault’s design reflects a broader pattern in the sector. Rather than building yield from first principles, Mantle routes deposits into an existing, well-audited savings mechanism and takes a fee for the plumbing. That reduces smart-contract risk compared with bespoke strategies, though it also means the product’s returns rise and fall with another protocol’s governance decisions.
Equities move in fast
The tokenized-asset side has grown quickly, and equities are the fastest part of it. Nansen counted 155 tokenized equities on the network at the end of June, up from only 10 in April. The selection includes instruments tied to public companies, private businesses and exchange-traded funds. Among the assets identified: products linked to SpaceX and to Franklin Templeton’s US Equity Index ETF.
Much of that expansion traces to a single integration. In November 2025, Mantle brought on Backed’s xStocks through an arrangement involving the Bybit exchange. The rollout put tokens linked to Apple, Nvidia and Strategy shares on the network, with Bybit supporting direct deposits and withdrawals between its centralized platform and Mantle. One exchange relationship effectively seeded the equity category that now numbers in the hundreds.
The speed of that growth, 10 to 155 products in roughly two months, shows how little friction remains once the legal and custody plumbing exists. Each additional equity is mostly a listing decision, not an engineering project. The bottleneck is not technology but licensing and who is willing to be the regulated issuer of record.
The pitch to regulators
The network’s operators frame tokenization as a way for jurisdictions to keep capital at home rather than watch it flow to offshore venues. Andrew Forson, president of DeFi Technologies, told crypto.news that regulated tokenization systems could help markets retain investment activity. He cited the UAE as one market that could benefit from bringing more assets onto regulated local infrastructure.
“By bringing liquidity into a range of assets via regulated rails, you prevent leakage of capital outside the region,” Forson said. He argued that tokenization does not pull capital away from conventional assets but gives traditional capital another route into them, including through sovereign debt products funded by stablecoin inflows and regulated investment wrappers.
That argument is aimed squarely at financial regulators weighing how to treat tokenized securities. If a market can offer onchain versions of equities and funds inside its own rulebook, the capital that would otherwise settle on unregulated platforms stays taxable and supervisable. Whether regulators buy that framing is one of the open questions for the whole RWA sector, and answers so far have varied sharply by jurisdiction.
Context and caveats
Mantle is not the biggest layer 2 by total value locked, but its RWA share is disproportionate. A public dashboard launched in August tracks the figures, with Blockworks Research analytics putting the combined total above $820 million earlier in the month before it reached the $880 million cited by Nansen. The network reports more than 710 RWA assets, over 200 ecosystem partners and an active user base that has crossed one million. Tokenized active strategies on the network reached $116.4 million, the highest among Ethereum layer 2 networks, and RWA total value locked grew 27.4 percent quarter-over-quarter in the first quarter of 2026.
The numbers deserve one caveat. Tokenized equities on Mantle are wrappers over shares held elsewhere, not shares settled onchain. The underlying legal structure matters more than the token count, and a product linked to a private company like SpaceX carries different risks than one tracking a listed ETF. Nansen’s report counts them together, which flatters the headline figure. Holders of these tokens are exposed to the wrapper issuer, the custody arrangement and the bridge, in addition to the underlying asset.
The network’s treasury, valued at about $1.89 billion with roughly 71 percent held in its own MNT token, gives Mantle unusual resources for a layer 2 to keep funding this expansion. It has also moved into tokenized initial public offerings and completed a migration of its Super Portal to Chainlink’s cross-chain interoperability protocol in July. Whether the $880 million keeps compounding depends less on Mantle itself than on whether issuers like Backed keep expanding catalogs and whether yield products keep attracting deposits at current rates.