Mantle has launched USPXx, a tokenized version of Franklin Templeton’s Franklin U.S. Equity Index ETF, making it available for 24-hour trading on its decentralized exchange, Fluxion. The move allows traders to access a broad slice of the U.S. stock market on-chain, without traditional market-hour limits or intermediaries.
A broad market ETF moves on-chain
The Franklin U.S. Equity Index ETF tracks roughly 85% of the U.S. equity market by capitalization and manages about $1.98 billion in assets. By bringing the product onto Mantle, it becomes continuously tradable and accessible across borders through blockchain infrastructure.
This marks one of the first times a global asset manager’s broad-market ETF has been deployed on an Ethereum Layer 2 network. Mantle had previously focused on tokenized single equities, including SPCXx, which tracks SpaceX.
How trading works on Fluxion
USPXx is currently traded exclusively on Fluxion, where traders can buy, sell, or provide liquidity at any time. The platform uses xStocks’ request-for-quote system, xChange, which executes trades at live market prices instead of relying on automated market maker estimates.
This structure allows direct minting and settlement on Mantle, with pricing tied closely to the underlying ETF. As a result, it reduces the slippage often seen in decentralized trading and aligns execution more closely with institutional pricing standards.
Infrastructure and market positioning
Mantle said its infrastructure is designed to support both large-scale participants and individuals seeking exposure to traditional equity markets through digital assets. The network currently reports more than $4 billion in community-owned assets across its ecosystem, spanning real-world asset integrations and decentralized finance applications.
xStocks, the tokenization partner behind USPXx, provides fully backed blockchain representations of U.S. equities and ETFs. Since its launch in 2025, the platform has processed more than $25 billion in transaction volume across multiple networks.
A growing tokenized asset sector
The launch comes as the market for tokenized real-world assets continues to expand, surpassing $27 billion in total value in the first half of 2026. Products like USPXx allow traders to gain exposure to traditional financial instruments without leaving blockchain environments.
The underlying ETF has delivered a return of about 29.07% over the 12 months through May 2026, offering a different risk profile compared with native cryptocurrency assets. This creates new opportunities for portfolio construction that blend traditional equities with decentralized finance tools.
Fluxion itself has recorded over $20 million in trading volume in the past 30 days, reflecting growing activity in on-chain trading venues designed to mirror traditional market execution.
The launch also aligns with a broader shift among established financial firms moving products onto blockchain infrastructure. BlackRock’s tokenized Treasury fund, for example, surpassed $2.5 billion in assets earlier in 2026. The addition of a tokenized U.S. equity index fund signals a continued expansion in the range of financial instruments available to traders operating on-chain.
Discover how tokenized equities work and deepen your understanding of on-chain access to traditional stock market exposure.
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