Mantle’s tokenized-asset activity has reached new highs, with 1,473 assets recorded on the Ethereum Layer 2 network and $476.10 million in Distributed Asset Value, according to figures cited by Mantle on Sept. 25. The asset count has risen from 71 at the start of 2026, while the value of real-world assets distributed on the chain climbed 110% over the previous 30 days, according to Blockworks Research and RWA.xyz.
The figures place Mantle among the networks seeking to turn tokenized securities, funds and cash-like products into actively usable collateral and trading instruments inside decentralized finance. Its growth has been driven by a mix of tokenized equities and ETFs, stablecoins, and yield-bearing products rather than a single issuer or asset class.
Distributed Asset Value, a metric tracked by RWA.xyz, measures the value of tokenized real-world assets issued or made available on a blockchain network. The $476.10 million figure does not represent all capital in Mantle’s decentralized-finance ecosystem, but it indicates a rapid expansion in the onchain availability of assets linked to traditional financial products.
Asset count rises more than twentyfold
Mantle’s reported increase from 71 tokenized assets in January to 1,473 in September amounts to more than twentyfold growth in less than nine months, based on Blockworks Research data cited in the update.
The network named xStocks, Securitize, Ethena and Paxos among issuers and providers contributing to activity. Those firms cover distinct parts of the tokenized-finance market: tokenized public equities, regulated fund products, synthetic dollar instruments and regulated stablecoins.
That mix gives Mantle a larger catalogue than networks built around one category, such as tokenized Treasury products or stablecoins alone. It also creates a more difficult operational challenge: assets linked to public equities, exchange-traded funds and yield strategies can have different transfer restrictions, market hours, pricing sources and custody arrangements.
Mantle has presented its infrastructure as a system built on Ethereum with zero-knowledge validity proofs, which are cryptographic proofs used to confirm transactions were processed correctly before they are finalized on Ethereum. The network says it is targeting regulated custody, verifiable settlement and liquidity for real-world assets.
The practical test will be whether those assets can attract consistent liquidity after issuance. Tokenizing an asset gives it blockchain-based transfer and settlement rails, but does not by itself guarantee active markets, narrow spreads or reliable pricing outside the hours of underlying traditional exchanges.
Spacex-linked equity and ETF products enter the network
Among the recent additions cited by Mantle was SPCXx, a tokenized asset linked to SpaceX equity. The network also referenced USPXx, a tokenized version of Franklin Templeton’s USPX ETF, as an ETF product deployed on an Ethereum Layer 2 network.
Products tied to private-company equity can generate attention because they offer blockchain-native exposure to assets that are usually difficult for smaller traders to access. Their structure remains essential: a token’s economic linkage to an underlying share, its redemption terms and the jurisdictions in which it can be held determine how closely it functions as direct ownership.
The Franklin Templeton-linked ETF product expands Mantle’s offering toward more familiar regulated fund exposure. Tokenized ETF wrappers may allow assets to move through blockchain wallets and decentralized applications, but they do not eliminate the legal and market-structure rules attached to the underlying fund.
Mantle also cited the native minting of USDG, a regulated stablecoin issued by Paxos. Native issuance means the stablecoin is created directly on Mantle rather than bridged from another network, a design that can avoid dependence on a separate bridge representation of the asset.
Paxos’s USDG connection also links Mantle to the Global Dollar Network, an ecosystem that Mantle said includes more than 150 partners. For tokenized-asset markets, stablecoin availability is central because these products need an onchain settlement asset for purchases, redemptions and trading pairs.
Defi vault expansion accompanies value increase
The 110% monthly increase in Distributed Asset Value coincided with Mantle Vault’s expansion into decentralized finance earlier this year, according to the network. Mantle identified Grove, CIAN and Fluxion as integrations associated with that rollout.
Vaults are smart-contract systems that pool or route assets into defined strategies. Their use can make tokenized assets more productive within decentralized finance, including through lending, liquidity provision or yield-oriented strategies. It also introduces smart-contract, liquidity and strategy risks beyond those attached to the underlying real-world asset.
Fluxion is intended to support continuous trading through a hybrid automated market maker and atomic request-for-quote model, according to Mantle. An automated market maker uses a pool of assets and a formula to quote prices, while a request-for-quote system allows designated liquidity providers to offer prices for a specific trade. Combining the two can give a market a fallback source of liquidity while allowing larger or more complex orders to seek tailored quotes.
That structure addresses a recurring constraint in tokenized markets: traditional assets may be represented onchain around the clock, but the reference markets behind them do not necessarily trade continuously. A system can execute a token trade at any hour, yet the price may rely on the last available market data or liquidity provider quotes when the underlying market is closed.
Mantle’s latest figures show that its tokenized-finance strategy is gaining scale quickly, particularly in the number of products available on the chain. The more demanding next measure will be whether the network can sustain liquid markets and transparent pricing across its growing range of equity-linked, fund-linked and dollar-denominated assets.
Explore how tokenized stocks function and their impact on liquidity in our guide, tokenised stocks attract crypto users.
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