Overview

Mantle is an open financial network powering borderless access to global capital markets. It is positioned as a DeFi-first, treasury-backed network with a product suite that spans tokenized equities, tokenized funds, yield vaults, and stablecoin rails. Q3 2026 was defined by three threads: a build-out of tokenized equities and pre-IPO access on Openstock, the expansion of Mantle Vault into DeFi with Grove, CIAN, and Fluxion, and infrastructure and stablecoin moves, including the migration of the Super Portal from LayerZero to Chainlink CCIP and USDG going live on Mantle. On the onchain side, Mantle saw steady traction with daily transactions averaging about 67,500 over the quarter, while daily active addresses averaged about 1,680.

Key Developments: Q3 2026

• OpenStock went live on Mantle on July 2, bringing pre-IPO vaults onchain, with deposits in USDT0 and a token representing the holder's share of an IPO allocation held through a named SPV 

• Bending Spoons (BSPx) was listed on July 7 as Mantle's third tokenized equity in under a month, tradable on Fluxion through Atomic RFQ and AMM execution, with xStocks as primary issuer

• Mantle's Super Portal migrated from LayerZero to Chainlink CCIP, announced July 9, with transfers temporarily suspended during the migration 

• Mantle Vault expanded to DeFi on August 25 with Grove, CIAN, and Fluxion, with deposits in USDC and USDT0 and an incentive program targeting up to 6.5% APY

• Paxos's USDG joined the Global Dollar Network on September 3, with Mantle as a Network Partner and USDG live on Mantle as one of the first natively minted stablecoins on the network 

• Mantle reported back-to-back all-time highs on September 25, with 1,473 tokenized assets and $476 million in distributed asset value

• Mantle listed a partnership with Bybit Ins and FTDA to bring Franklin Templeton strategies onchain, the SHEINx xStocks tokenized equity going live on Fluxion days after its IPO, Chainlink CCIP 2.0 going live as a wider ecosystem update, and Chainalysis KYT support for real-time AML screening on Mantle 

Ecosystem

Tokenized Equities & RWA

• Mantle's tokenized equity lineup grew through the quarter. OpenStock's pre-IPO vaults on July 2 and the BSPx listing on July 7 extended the xStocks-based offering on Fluxion, which the H1 review already put at 155 tokenized equities by the end of June. SHEINx followed in September. Mantle reported 1,473 tokenized assets across the network on September 25, with $476 million in distributed asset value.

• Mantle has over 1,100+ tokenized tradeable assets including stocks and ETFs, Treasuries, MMFs and private credit alongside Yield-bearing stablecoins, now with $USDG by Paxos.

DeFi & Lending

• The Mantle Vault expansion on August 25 was the quarter's largest DeFi product move. The release reports more than $200 million in assets under management, with Grove providing the capital foundation, CIAN building the vault and strategy, and Fluxion providing liquidity.

Stablecoins & Infrastructure

• USDG's arrival on September 3 added a regulated stablecoin to Mantle's stack, and the release places Mantle inside a network of more than 150 partners. At the time of the announcement, USDG circulation was more than $3 billion. The Global Dollar Network's own newsroom reports nearly $3.5 billion.

• DefiLlama's Mantle stablecoin series shows total circulating stablecoins of $524.6 million on 30 June and $548.7 million on 30 September, up about 4.6% over the quarter, with a peak of $591.4 million on 31 August.

• The Super Portal's move to Chainlink CCIP on July 9 changed the security stack for cross-chain transfers of the MNT token. Trade coverage placed it within a wider migration away from LayerZero.

Onchain Data

Daily Transactions

Source: Nansen 

Mantle processed approximately 6.21 million successful transactions across Q3 2026, averaging about 67,500 per day. The daily low was 52,549 on August 29, and the peak was 137,837 on July 22, the single highest day of the quarter. Activity was front-loaded: the early-July peak and a cluster of higher days in mid-July drove the upper end of the range, and the series settled into a lower baseline through August and September. 

Daily Active Addresses

Source: Nansen 

Mantle's daily active addresses averaged approximately 1,680 in Q3 2026, ranging from 841 on August 29 to 6,288 on July 23. The peak fell the day after the transaction peak, consistent with a single event-driven surge in early-to-mid July rather than sustained growth. The daily figures are not summed into a quarterly unique count here, so the quarter-level number is an average of daily values. Against the Q2 average of about 1,590 in the Q2 report, the Q3 average is about 6% higher.

Top Entities by Transactions

Source: Nansen 

Ranked by Nansen entity transaction count for Q3 2026, the leading entities are Mantle (3.99 million), LayerZero (176,961), Tether (176,309), Rhino.fi (44,157), Bybit (41,811), Wrapped Ether (39,452), API3 (18,602), USDC (12,583), AGNI (11,609), and Merchant Moe (10,162). The Mantle entity, which represents the network's own system contracts, accounts for the bulk of labelled activity. LayerZero and Tether are the next largest, and LayerZero's count fell about 18% against Q2 as the Super Portal migration proceeded. Rhino.fi's count rose sharply from a small Q2 base of 1,927. These counts cover labelled entity activity only, so they are a subset of Mantle's total activity and do not sum to the daily totals above.

Top Entities by Users

Source: Nansen

Ranked by Nansen entity user count for Q3 2026, the leading entities are Tether (21,611), USDC (5,601), Wrapped Ether (4,228), Bybit (3,263), Mantle (2,396), Merchant Moe (825), Lendle (696), INIT Capital (464), Gate (459), and Burn Address (361). Tether leads on users by a wide margin, consistent with Mantle's use as a USDT transfer rail, and the stablecoin entities together account for most of the top of the list. As with the transaction ranking, these counts cover labelled entity activity only and are not a complete user count.

Closing Thoughts

Q3 2026 was a quarter in which Mantle worked strategically towards the productive assets angle, bringing together a vision where all assets can be traded onchain. Tokenized equities kept expanding with OpenStock, BSPx, and SHEINx, Mantle Vault brought institutional RWA yield into DeFi with more than $200 million in assets under management, and USDG and the Super Portal migration addressed stablecoin and cross-chain infrastructure. The tokenized asset count and the distributed asset value are Mantle's own figures, drawn from third-party counts, and should be read as market-level context rather than Mantle-specific measurements.

Transaction volume averaged about 67,500 per day and was concentrated in a July surge, while active addresses held near 1,680 per day, with a higher average than Q2 despite lower transaction counts. Labelled activity remains dominated by Mantle's own contracts, with stablecoin and cross-chain entities next.

Looking ahead, the key items to track are the continued growth in global capital markets with its push for tokenized assets and other strong momentum for DeFi integrations and growth. Q3 was a period of steady growth for Mantle and it is well positioned for a strong Q4.