Mantle has expanded its real-world asset yield business into DeFi with a non-custodial stablecoin vault after its Bybit-based product crossed $200 million in assets under management.
From CeFi to DeFi
The new product is available through Fluxion and combines infrastructure from CIAN and Grove to give stablecoin holders direct access to an onchain yield strategy. The launch takes a product previously distributed through the centralized exchange Bybit and places a related version inside Mantle's DeFi network. Users deposit USDC or USDT0 through Fluxion while keeping control of their assets, removing the need to hand funds to a centralized custodian.
Mantle said the vault uses a conservative, non-leveraged structure created by CIAN, the same protocol that helped build the original Bybit product. Grove connects the vault to yield generated through the Sky ecosystem, while Fluxion manages the interface through which users enter the strategy.
sUSDS as the Yield Source
Deposited stablecoins gain exposure to the yield earned by sUSDS, the savings version of Sky's USDS stablecoin. Sky sets the applicable savings rate through governance, meaning the underlying return can change rather than remaining fixed for the life of a deposit. Grove operates within the Sky ecosystem and routes USDS liquidity into credit strategies through non-custodial vault infrastructure.
Mantle's launch materials list a target APY of up to 6.5%. The campaign also includes Fluxion Points and 5.14 million GROVE tokens, adding promotional rewards above the return generated by the underlying strategy. Neither the points nor the token allocation represents a fixed cash return, and the value received by each depositor can depend on campaign rules, participation, and token prices.
Mantle Vault's $200M CeFi Milestone
On Bybit, customers could enter Mantle Vault through the exchange without directly managing the strategy onchain. Bybit, Mantle and CIAN launched that version in December 2025, allowing users to deposit USDC or USDT through Bybit Earn while the assets moved into Mantle-based yield strategies. The product later passed $200 million in assets under management.
Through Fluxion, users now interact with smart contracts rather than relying on an exchange account to hold and deploy their stablecoins. Mantle summarized the difference by saying CIAN used the same type of construction for the new product, except now users keep their keys. Self-custody changes the party responsible for controlling the wallet but does not remove the risks attached to the underlying protocols.
Mantle's RWA Growth in 2026
The DeFi product follows an increase in tokenized assets and stablecoin liquidity across Mantle. Nansen data showed that the network's total DeFi value locked had exceeded $1 billion after growing 230% during the first half of 2026. RWA-focused DeFi TVL was above $90 million and Mantle Vault assets were above $200 million. Mantle's stablecoin market capitalization reached $955 million, representing 120% year-over-year growth.
Earlier figures supplied with the latest launch placed Mantle's RWA TVL at $257 million, up from $22 million during the year, while total DeFi TVL exceeded $755 million. Mantle has also added tokenized equity products to its network, with Nansen counting 155 tokenized equities at the end of June, compared with 10 in April, including instruments linked to SpaceX and Franklin Templeton's U.S. Equity Index ETF.
Regulatory Considerations
For American users, the vault's availability depends on Fluxion's terms, wallet restrictions, and applicable federal and state rules. Mantle's statement about access without geographical limits does not establish that every product or incentive can legally be offered to every U.S. resident. The distinction between stablecoin issuance and stablecoin yield remains under regulatory review in the United States, and products offering yield on dollar-pegged tokens may face different requirements depending on how they are structured and distributed.
