Introducing xStocks on Mantle

Tokenized equities have historically been limited either by access or execution. Through blockchain deployments and exchange adoption, xStocks allowed millions to get onchain exposure to capital markets for the first time, but the financial market integrations needed for optimal price execution have not always followed the same pace.

That changes today on Mantle.

xStocks has activated Atomic Request for Quote (RFQ) on Mantle, bringing fully backed, tokenized equities to one of the fastest-growing on-chain ecosystems. Made possible through the integration of xChange, our Atomic RFQ system, and integrated via Fluxion in collaboration with Bybit, we’re enabling investors to mint and redeem xStocks via a RFQ mechanism that sources pricing directly from the issuer.

As the latest development for tokenization, this sets a new standard for tokenized equities to be accessed, priced, and executed on-chain. The price you get reflects the real equity price, at the execution standard you'd expect from any institutional venue.

A New Distribution Layer for Tokenized Equities

Mantle is rapidly emerging as a key bridge between traditional finance and onchain liquidity. With deep ties to Bybit and a growing ecosystem of institutional-grade infrastructure, it provides the ideal environment for xStocks to scale globally.

By launching on Mantle with xChange natively integrated, xStocks enables direct interaction with the underlying asset layer.

"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,” said Val Gui, General Manager of xStocks.

Through Atomic RFQ, users can mint and redeem xStocks at live market prices, executing directly against issuer-provided quotes rather than relying solely on automated market makers. This creates a more accurate and efficient link between onchain assets and their real-world counterparts.

"The first phase proved that tokenized equities belong on-chain. Atomic RFQ proves they can trade there at institutional standard," said Emily Bao, Key Advisor at Mantle and Spot Executive at Bybit. "Bypassing AMM slippage and connecting users directly to the issuer is exactly the kind of infrastructure upgrade that moves this market from experiment to adoption. Mantle is not just housing RWAs — it is building the rails that make them worth holding."

Why It Matters

Tokenized equities have struggled with fragmented liquidity and inconsistent execution, which lead to pricing discrepancies. xChange changes that by introducing:

• Pricing anchored to real market conditions
• Direct issuer interaction for minting and redemption
• A more efficient path for both retail and institutional users

This moves xStocks beyond simple on-chain access toward true market infrastructure.

The latest launch of xStocks on Mantle is just the beginning. As adoption grows, initiatives like xPoints will further reward early participants and deepen liquidity across the ecosystem. Tokenized equities are evolving from an idea into a usable financial system. With Mantle and xChange, that system is taking shape.

xStocks are issued by Backed Assets (JE) Limited (a Jersey private limited company) and offered to eligible Kraken customers via Payward Digital Solutions Ltd. (“PDSL”), a company licensed to conduct digital asset business by the Bermuda Monetary Authority. xStocks are not, nor will they be registered with any local securities regulators. PDSL (Kraken) does not provide investment advice and/or recommendations, and, no communication, through any Kraken App or website or otherwise, should be construed as such. Individual investors should make their own decisions or seek professional independent advice if they are unsure as to the suitability / appropriateness of any investment for their circumstances or needs, including potential tax treatment. Investing in xStocks involves an element of risk. The value of an investment may go down as well as up, and past performance is not a reliable indicator of future results. Not available in the U.S. or to U.S. persons. Geo restrictions apply. Read Kraken’s xStocks Risk Disclosure at kraken.com/legal/xstocks as well as the Base Prospectus and related Final Terms for xStocks at https://assets.backed.fi/legal-documentation to learn more.