Key Takeaways:
Mantle's non-custodial stablecoin vault brings its $200 million Bybit product on-chain through Fluxion, CIAN, and Grove.
Mantle launched a non-custodial stablecoin vault on its DeFi network after its Bybit-based real-world asset product crossed $200 million in assets under management.
"The expansion into DeFi through Grove, CIAN, and Fluxion shows what an open financial network is meant to do: connect global market participants to institutional-grade capital market assets, wherever they are," Emily Bao, key advisor at Mantle and spot executive at Bybit, said.
Users deposit USDC or USDT0 through Fluxion, the Mantle-native DEX for RWA distribution, while keeping custody of their assets. CIAN, which built the original Bybit product, packages the strategy in a conservative, non-leveraged structure, while Grove connects the vault to the Sky Savings Rate through sUSDS, the yield-bearing version of Sky's USDS stablecoin. Mantle lists a target APY of up to 6.5 percent, plus Fluxion Points and 5.14 million GROVE tokens as promotional incentives.
The launch extends a product that Bybit, Mantle, and CIAN introduced in December 2025, when customers entered through Bybit Earn without managing the strategy directly on-chain. Mantle described the $200 million AUM as evidence the CeFi distribution model drew deposits before the team added a self-custodial route. "Except now, you keep your keys," the network said.
The DeFi vault follows a surge in tokenized assets across the network. Nansen data shows Mantle's total DeFi value locked exceeded $1 billion after growing 230 percent in the first half of 2026, with RWA-focused DeFi TVL above $90 million and Mantle Vault assets above $200 million. Mantle's stablecoin market capitalization reached $955 million, up 120 percent year over year, according to Nansen.
Figures supplied with the launch put Mantle's RWA TVL at $257 million, up from $22 million a year earlier, while total DeFi TVL exceeded $755 million. Differences between the figures reflect measurement dates and the categories included by each data provider. Mantle has also added tokenized equities, with Nansen counting 155 instruments at the end of June versus 10 in April, including tokens linked to SpaceX and Franklin Templeton's U.S. Equity Index ETF.
The underlying return is not fixed. Sky sets the savings rate through governance, and an Aug. 6 crypto.news report found sUSDS supply at 4.61 billion with a savings rate of 3.52 percent at the time of review. Depositors remain exposed to smart-contract failures, stablecoin price movements, liquidity conditions, and changes to Sky's governance-set rate.
For American users, availability depends on Fluxion's terms, wallet restrictions, and federal and state rules. The GENIUS Act prevents payment stablecoin issuers from directly paying interest to holders, while reward programs offered by exchanges, brokers, and DeFi platforms remain part of the congressional debate. Citigroup CEO Jane Fraser said in August that third-party stablecoin rewards could draw deposits away from banks, and banking groups have asked Congress to restrict such programs.
The latest CLARITY Act language would prohibit passive yield on stablecoin balances while allowing certain activity-based rewards tied to payments, transfers, or platform use. Mantle and its partners describe the vault's return as strategy-generated yield from sUSDS, with Fluxion Points and GROVE tokens added as separate incentives.
The shift from CeFi to DeFi changes who controls the wallet but does not remove the risks attached to the underlying protocols. Users must manage their own keys and approve smart-contract transactions, while the strategy still depends on CIAN's vault design, Fluxion's interface, Grove's infrastructure, and Sky's savings system.
This article is for informational purposes only and does not constitute investment advice.
