DUBAI, UAE, May 7, 2026 /PRNewswire/ -- Mantle, the premier distribution layer connecting traditional finance and on-chain liquidity, and Bybit, one of the world's largest cryptocurrency exchanges by volume, today announced the activation of xChange, xStocks's Atomic RFQ system, on Fluxion, Mantle's native decentralised exchange. The activation enables users to mint and redeem xStocks tokens directly through a Request for Quote mechanism, bypassing traditional automated market maker infrastructure and providing a native, issuer-direct channel for tokenized equity transactions on Mantle.
The activation represents the second phase of Mantle's broader xStocks roadmap, following the live integration of tokenized equities on Mantle.
Closing the Liquidity Gap
Tokenized equity markets have faced a persistent structural challenge: fragmented liquidity across on-chain and off-chain venues, with no single mechanism capable of anchoring price to the underlying security at institutional precision. Mantle closes that gap. As the connective distribution layer, it bridges Bybit's off-chain liquidity with on-chain execution through Fluxion, unifying centralized and decentralized venues into a single, composable stack. This is the CeDeFi thesis in practice: Not two separate markets, but one unified place where capital moves without friction. The integration delivers continuous, issuer-direct execution quality through Atomic RFQ price calculation during market hours and entry liquidity after market close, the precise execution standard institutional capital requires.
From AMM to Atomic RFQ: A More Direct Path to Tokenized Equities
Since launch, xStocks on Mantle have been tradable via Fluxion's hybrid AMM. The Atomic RFQ activation takes this further: Investors gain a more capital-efficient route to tokenized equities, while xStocks TVL and on-chain liquidity on Mantle grow structurally as minting and redemption activity flows natively through the chain. Atomic RFQ is available today via Fluxion.
Why Atomic RFQ Changes the RWA Equation
The Atomic RFQ mechanism strengthens Mantle's position as the distribution layer of choice for RWAs. Rather than simply listing tokenized assets for secondary trading, Mantle now provides full-cycle infrastructure: Issuance, trading, and direct redemption, all on-chain, all composable with Mantle's 200+ partner ecosystem.
"Institutional capital doesn't move because an asset is on-chain. It moves when the execution quality matches what it already expects off-chain. Atomic RFQ closes that gap, and in doing so, it makes the CeDeFi thesis real. Mantle isn't just housing RWAs, it's building the rails that make them worth holding." said Emily Bao, Key Advisor at Mantle and Spot Executive at Bybit.
"Approximating the price of an equity has never been good enough. The gap between TradFi and on-chain has never really been about the assets, it's been about execution quality. Atomic RFQ closes that gap. Investors get the real price, direct from the issuer, on-chain, at the same standard they'd expect on any major venue. That's what institutional capital actually requires. And it's live on Mantle today," saidVal Gui, General Manager of xStocks.
What Comes Next
The Atomic RFQ activation is the second phase of a broader roadmap Mantle and xStocks are executing together. The xPoints loyalty programme, rewarding early participants and active traders within the xStocks ecosystem on Mantle remains on the roadmap, adding compounding incentives for the participants building the RWA-native economy on Mantle.
Together, these phases form a deliberate infrastructure strategy: Deeper liquidity, better execution, native trading infrastructure, and growing rewards for early participants.
About Mantle
Mantle positions itself as the premier distribution layer and gateway for institutions and TradFi to connect with on-chain liquidity and access real-world assets, powering how real-world finance flows. With over $4B+ in community-owned assets, Mantle combines credibility, liquidity and scalability with institutional-grade infrastructure to support large-scale adoption. The ecosystem is anchored by $MNT within Bybit, and built out through core ecosystem projects like mETH, fBTC, MI4 and more. This is complemented by Mantle Network's partnerships with leading issuers and protocols such as Ethena USDe, Ondo USDY, and OP-Succinct.
For more information visit mantle.xyz.
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About Bybit
Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 80 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: media@bybit.com
About xStocks
xStocks is the industry benchmark for tokenized equities, bringing publicly listed U.S. stocks and ETFs onchain through fully collateralized, 1:1-backed tokens. Powered by Payward's digital asset infrastructure, xStocks places traditional equities on blockchain infrastructure, expanding access to U.S. capital markets with extended availability, global reach, and seamless digital-native settlement.
Designed for interoperability, xStocks move seamlessly between centralized exchanges, self-custodied wallets, and onchain applications, unlocking new utility across trading, collateralization, and decentralized finance. Since launching in June 2025, xStocks is powering billions of dollars in transaction volume across multiple blockchain ecosystems and anchors a rapidly expanding global network shaping the future of tokenized markets.
For more information, visit https://xstocks.fi.
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