Introduction

Mantle powers borderless access to global capital markets. It is an Ethereum layer-2 network that emerged from the 2023 merger of BitDAO and the original Mantle Network, giving it one of the largest native treasuries of any onchain organization. The chain runs a modular rollup architecture, settling to Ethereum for security. MNT functions as the native token across governance, gas, and staking, while the treasury provides a balance-sheet backstop for the ecosystem. This primer covers select tabs of Blockworks' Mantle dashboard.

Dashboard Overview

• Overview: treasury value, MNT market cap, and value secured onchain.
• Tokenized Assets: supply and category composition of real-world assets, including xStocks.
• Stablecoins: supply, composition, and daily mint/burn flow.
• Financials: revenue, costs, and network profitability.
• Activity: user and transaction activity onchain.
• Spot DEX: trading volume across spot DEXs.
• Lending: supply, borrow, and utilization across lending markets.

Financials

Mantle Treasury Value (Onchain)

This chart measures the mark-to-market USD value of treasury assets tracked onchain, the bulk of which was inherited from the 2023 BitDAO merger. Treasury value stands at ~$1.63B as of Aug 19, 2026. Readers should note this is a live valuation rather than a fixed reserve balance: it moves with the market price of the underlying holdings, not only with deposits or withdrawals. The treasury functions as a balance-sheet backstop for the ecosystem, so its size and trend are relevant context for assessing Mantle's runway independent of MNT's price alone.

Spot Dex

Cumulative Spot DEX Volume

This chart measures all-time cumulative spot trading volume across DEXs tracked on Mantle. Cumulative volume has just crossed ~$20B, up from ~$18.3B roughly six months ago.

Tokenized Assets

Distinct Tokenized Assets on Mantle

Counts unique tokenized assets on Mantle. The dashboard currently tracks 891 distinct tokenized assets. The large majority, 832, are tokenized public-equity products from the xStocks brand; the remaining 9 span a tokenized multi-asset fund (MI4), yield-bearing stablecoins, tokenized Treasuries, and tokenized commodities. Breadth of tokenized-asset coverage is itself a competitive variable for a chain positioning as an RWA hub, and 891 distinct assets is a wide catalogue relative to most L2s.

Tokenized Asset Circulating Supply by Category

This chart measures circulating supply of tokenized assets by category. Of ~$304M in circulating supply, the MI4 Tokenized Fund ($118.9M) and yield-bearing stablecoins ($105.8M, split between sUSDe and syrupUSDT) together account for roughly 80% of the total. One thing is worth flagging here: yield-bearing stablecoins are categorized under Tokenized Assets rather than under the Stablecoins tab's own asset list, worth knowing when reconciling figures between the two tabs.

Top Tokenized Stocks (xStocks) by Supply

This chart measures circulating supply of the largest xStocks tickers. NVDAx ($959.8K), TSLAx ($607.2K), GOOGLx ($455.8K), CRCLx ($449K), and HOODx ($317.4K) lead on a circulating basis. The remaining long tail of xStocks tickers accounts for roughly $1M of circulating supply in aggregate.

Stablecoins

Stablecoin Circulating Supply

This chart measures total USD circulating supply of stablecoins on Mantle. Supply stands at ~$524M as of Aug 19, 2026. Total stablecoin float is a proxy for the onchain dollar liquidity available for trading, lending, and payments on Mantle.

Stablecoin Supply by Asset

This chart measures circulating supply broken out by individual stablecoin. USDT0 dominates at ~$416M (~80% of the total), followed by USDe ($62.2M), USDC ($24M), USDT ($13.2M), AUSD ($5.1M), USD1 ($2.3M), and GHO ($1.2M). Composition has shifted meaningfully over the past ~6 months: USDT0's share has grown, while USDC and USDe balances have each shrunk from levels roughly 2.5x and 2x larger, respectively, back in mid-May. Worth flagging for readers less familiar with the asset: USDT0 is a bridged, LayerZero OFT-based representation of USDT, not native Tether issuance, so its dominance speaks to Mantle's bridging rails as much as to organic stablecoin demand.

Mantle pairs one of crypto's largest onchain treasuries with an increasingly broad tokenized-asset catalogue, spanning a multi-asset fund and hundreds of tokenized equity tickers, alongside a substantial stablecoin base. Track these metrics and more on Blockworks' Mantle dashboard.

The information contained in this report and by Blockworks Inc. and related affiliates is for general informational purposes only and is not intended to provide legal, financial, or investment advice. The report should not be construed as an offer or solicitation to buy or sell any security, token, or financial instrument and does not represent any recommendation or endorsement of any investment or financial product or service. Blockworks Inc. and related affiliates are not registered as a securities broker-dealer or an investment advisor in any jurisdiction or country.