Mantle, the premier distribution layer connecting traditional finance and on-chain liquidity, and Bybit, one of the world’s largest cryptocurrency exchanges by volume, 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.
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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,” said Val Gui, General Manager of xStocks.
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