Mantle Lists Third Tokenized Equity in Under a Month as BSPx Joins Fluxion

Mantle has onboarded BSPx, a tokenized representation of Bending Spoons — the parent company of WeTransfer, Vimeo, Evernote and AOL — marking the network’s third tokenized equity listing in under a month. The asset, issued in partnership with xStocks, went live on Fluxion on July 7, following SPCXx on June 19 and USPXx on June 23, according to a PRNewswire announcement.

The cadence — three listings across roughly two and a half weeks — is the notable data point for traders tracking real-world-asset flows on-chain. Each token has reached tradability within days of its underlying company’s public debut, a pace Mantle frames as tracking the traditional listing calendar rather than lagging it by months, as has historically been the case with tokenized securities.

Execution split between RFQ and AMM

BSPx trades on Fluxion through two parallel execution paths: Atomic RFQ, which anchors pricing to live quotes on the underlying security during market hours, and AMM pools, which keep the token tradable after the traditional market closes. That hybrid model now applies to the full xStocks lineup on Mantle, which includes TSLAx, NVDAx, AAPLx, METAx, GOOGLx, MSTRx, SPCXx and USPXx alongside BSPx.

For on-chain researchers, the RFQ/AMM split is the mechanism worth watching: it determines whether tokenized-equity price discovery on Mantle tracks the reference security tightly during market hours or decouples once AMM curves take over after close, a structural detail that affects arbitrage and liquidity-provision risk.

Layered incentives on Fluxion pools

Every qualifying trade or liquidity deposit across the xStocks set on Fluxion accrues two reward streams simultaneously: xPoints, xStocks’ native on-chain rewards distributed daily for holding, liquidity provision and ecosystem activity, and an additional allocation of 1 million Fluxion Points distributed proportionally by trading volume and liquidity contribution. Liquidity providers depositing xStocks tokens into supported Fluxion pools collect both programmes on top of standard trading-fee returns.

“With SPCXx, USPXx and now BSPx live, Mantle is establishing the infrastructure for tokenized capital markets to move at the speed of the markets themselves,” said Emily Bao, Key Advisor at Mantle. “xStocks brings the asset, Fluxion brings the execution, and Mantle brings the rails that put it all on-chain within weeks.”

Mantle’s broader RWA footprint

Mantle describes itself as a distribution layer connecting institutions and traditional finance with on-chain liquidity, citing more than $4 billion in community-owned assets. The ecosystem is anchored by MNT within Bybit and built out through core projects including mETH, fBTC and MI4, alongside partnerships with Ethena USDe, Ondo USDY and OP-Succinct.

Mantle says it will continue listing tokenized equities at the pace set by underlying public markets, applying the same RFQ/AMM execution model to future issuances. For traders, the key metric to track going forward is whether listing velocity — three names in 18 days — holds as issuance volume scales, and whether Fluxion’s liquidity depth keeps pace with the incentive layering designed to attract it.