Mantle, Bybit, and Fluxion Activate Atomic RFQ for Tokenized Equities

Mantle, Bybit, and Fluxion went live on May 7 with xChange, the Atomic RFQ system built by xStocks, on Fluxion’s decentralized exchange. The integration gives users a direct mint-and-redeem channel for tokenized equity tokens through a Request for Quote mechanism, pulling pricing from the issuer rather than relying on automated market maker pools.

Since launching on Mantle, xStocks tokens had been tradable through Fluxion’s hybrid AMM. Atomic RFQ adds a second, more capital-efficient route. Mantle describes it as bridging Bybit’s offchain liquidity with Fluxion’s onchain execution, letting minting and redemption activity flow natively through the chain.

Listing tokenized equities is one thing. Running the full RWA lifecycle is another.

From issuance to trading and redemption, Mantle does all three by unifying @Bybit_Official's CeFi liquidity, Fluxion's DeFi execution and xStocks' Atomic RFQ into one composable stack.

— Mantle (@Mantle_Official) May 7, 2026

The activation is framed as phase two of Mantle’s broader xStocks roadmap. The first phase got tokenized equities listed and trading. This phase is about execution quality: issuer-direct quotes during market hours, after-hours entry liquidity, and a redemption path that does not depend on AMM depth.

Here is how Mantle’s official announcement described the system:

Mantle’s official PRNewswire announcement said Mantle and Bybit activated xChange, xStocks’ Atomic RFQ system, on Fluxion, Mantle’s native decentralized 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 release says tokenized equity markets have faced fragmented liquidity across onchain and offchain venues, and describes Mantle as bridging Bybit’s offchain liquidity with onchain execution through Fluxion. Since launch, xStocks on Mantle have traded through Fluxion’s hybrid AMM; Atomic RFQ adds a more capital-efficient route while xStocks TVL and onchain liquidity on Mantle grow as minting and redemption activity flows natively through the chain. Mantle also framed the activation as the second phase of its broader xStocks roadmap, following the live tokenized-equities integration on Mantle.

The RFQ model matters because it addresses a real problem in tokenized equities. AMM-based trading can work for liquid crypto pairs, but tokenized stocks carry pricing constraints tied to traditional market hours and reference prices. Slippage and stale quotes become liabilities when the underlying asset trades on a regulated exchange with its own order book. A direct quote from the issuer removes that mismatch.

xStocks are live on @Mantle_Official.

xChange is now available on @Fluxion_network, bringing a wide range of tokenized equities to Mantle Network with prime execution.

One of the fastest-growing onchain ecosystems, now with the infrastructure to power that growth. pic.twitter.com/6ANY8f2kWn

— xStocks (@xStocksFi) May 7, 2026

Bybit’s role here is the offchain liquidity layer. Mantle’s role is the settlement chain. Fluxion handles onchain routing. xStocks provides the tokenized instruments and the Atomic RFQ engine. Four parties, one composable stack. That kind of vertical integration is where tokenized equities have been headed all year, and it mirrors the institutional plumbing that projects like Securitize and Ondo have been building on other chains.

The caveat is straightforward: tokenized equities are not identical to holding shares through a U.S. brokerage account, and access varies by jurisdiction. These are onchain representations backed by issuer infrastructure, and regulatory treatment differs depending on where you sit.

xStocks are live on Mantle with xChange.

xChange, (the Atomic RFQ system) is now available through Fluxion, enabling users to trade tokenized equities at live market prices, directly against issuer-provided quotes.

Institutional-grade execution, now onchain. 😎@xStocksFi… https://t.co/5zQXDqCLqp

— Johnny D. Money🏴‍☠️💵 (@JohnnyDMoney) May 7, 2026

The broader trend is clear. Tokenized RWA products are moving past the proof-of-concept stage and into arguments about execution quality, redemption guarantees, and capital efficiency. Listing a token is table stakes. Running a full lifecycle from issuance through trading to redemption, with pricing that holds up against TradFi benchmarks, is the harder problem. Mantle, Bybit, and Fluxion are building toward that standard, and the Atomic RFQ activation is their clearest step yet.

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