Mantle Launches Atomic RFQ System on xChange for Tokenized Stock Trading

Mantle, the Ethereum layer-2 network, said on May 8 that it has launched xChange by xStocks' Atomic RFQ execution system as the second phase of its tokenized stock infrastructure.

Atomic RFQ brings the quote-based execution model used by institutional investors on-chain. When an order is placed, the system collects real-time quotes from multiple liquidity providers and executes immediately at the best available price. The setup is designed to reduce slippage and partial fills that can occur on conventional decentralized exchanges. It also allows large orders to be completed in a single transaction at a preset price, making it suited to institutional-grade trading infrastructure.

In the first phase, Mantle introduced xStocks to its ecosystem and built a trading environment through Fluxion. The second-phase upgrade is focused on bringing execution infrastructure tailored to institutional demand into an on-chain environment.

xChange is applying the Atomic RFQ model to 10 major U.S. tokenized stocks: Tesla (TSLAx), Nvidia (NVDAx), Apple (AAPLx), Meta (METAx), Alphabet (GOOGLx), MicroStrategy (MSTRx), Robinhood (HOODx), the SPDR S&P 500 ETF (SPYx), the Nasdaq-100 ETF (QQQx) and Circle (CRCLx).

The system queries multiple liquidity sources in real time for each trade and locks in the best price. That enables 24/7 trading without partial fills or slippage, according to Mantle. During regular U.S. stock market hours, it uses traditional finance liquidity. Outside those hours, it connects to on-chain liquidity while maintaining a single execution standard.

Mantle said the upgrade is part of a broader expansion of its real-world asset strategy. The company is seeking to move beyond simple distribution of tokenized assets and build infrastructure that can handle issuance, trading and redemption entirely on-chain.

It is also strengthening a CeDeFi-based liquidity model by combining Bybit's centralized-finance liquidity, Fluxion's decentralized-finance execution structure and xStocks' Atomic RFQ system in a single framework. Mantle described that as part of its broader "distribution layer" strategy, aimed at serving as a hub linking traditional finance and on-chain liquidity.

Mantle said institutional investors' key requirements include full execution without partial fills, firm pricing without slippage and liquidity that remains available outside regular market hours. xChange is designed to deliver those features in an on-chain setting.

A Mantle representative said the company is preparing xPoints, a loyalty-based rewards program. Mantle also plans to add more tokenized assets and further enhance execution features over time.