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DUBAI, UAE, Feb. 5, 2026 /PRNewswire/ -- Messari has released its State of Mantle Q4 2025 report, providing an in-depth analysis of Mantle's network design, treasury strategy, and ecosystem development as the protocol advances its role as a coordinated distribution layer for institutional onchain finance.
The report examines Mantle's transition toward active capital deployment, exchange-led distribution, and institutional-grade infrastructure spanning real-world assets (RWAs), DeFi, and treasury-backed yield products.
Activating Treasury Capital to Anchor Onchain Liquidity
Messari highlights Mantle's $4.2 billion community-owned treasury, one of the largest in the industry, as a central pillar of its distribution strategy. In Q4 2025, Mantle shifted from passive treasury management toward active capital deployment, executing a proposal to migrate previously idle assets into Mantle Index Four (MI4), its institutional crypto index fund.
This deployment drove a 37.3% quarter-over-quarter increase in DeFi TVL, lifting Mantle's onchain TVL from $242.3 million to $332.7 million by quarter end. As of December 31, 2025, MI4 managed approximately $173 million in assets, delivering a 27.9% year-to-date return, underscoring Mantle's approach to treasury-backed, yield-bearing liquidity.
Exchange-Led Distribution and Infrastructure Alignment
The report underscores Mantle's deepening integration with Bybit, where MNT functions as a core platform asset across trading, fee payments, VIP programs, and institutional products. While onchain activity moderated in Q4 following Q3's incentive-driven expansion, Messari positions exchange-led distribution as a long-term structural advantage rather than a short-term growth lever.
Bybit's role as a distribution partner continues to anchor Mantle's liquidity chain, connecting centralized exchange liquidity with onchain yield strategies, stablecoin settlement, and institutional access points across the Mantle ecosystem.
Institutional Stack Expansion Across RWAs and DeFi
Messari highlights Mantle's growing institutional stack, particularly its focus on RWA and compliant onchain infrastructure. Mantle's Tokenization-as-a-Service (TaaS) platform supports end-to-end RWA issuance, enabling institutional participation through products such as Ondo Finance's USDY, which reached approximately $29 million tokenized on Mantle.
In Q4 2025, Mantle also expanded its RWA ecosystem through integrations including USDT0 for stablecoin settlement, a co-announcement with Bybit for the deployment of xStocks to support tokenized equities, and the deployment of QCDT, a regulated yield-bearing RWA product. These initiatives reinforce Mantle's positioning as infrastructure for compliant, institutional-scale onchain finance.
"Institutions don't adopt isolated execution layers; they adopt ecosystems that coordinate capital, liquidity, and distribution," said Emily, Key Advisor at Mantle. "In Q4, Mantle focused on activating treasury capital and strengthening institutional-grade infrastructure, rather than pursuing short-term, incentive-driven activity."
"Mantle's Q4 performance reflects a broader shift among Layer 2s toward coordinating capital, applications, and distribution rather than optimizing execution in isolation," said Evan Zakhary, Protocol Research Analyst at Messari. "The quarter was defined by treasury-backed TVL growth and normalization in onchain activity following earlier exchange-led expansion."
Positioning Mantle as a Distribution Layer for Onchain Finance
Messari's Q4 analysis positions Mantle as a Layer 2 evolving beyond execution into a distribution layer that coordinates capital, infrastructure, and access across CeFi and DeFi. Despite a broader market drawdown in Q4, Mantle closed the year with one of the largest treasuries in crypto, rising institutional participation, and a growing suite of yield-generating products backed by active DAO capital deployment.
As Mantle continues to deepen exchange integration, expand its RWA ecosystem, and deploy treasury assets into productive onchain strategies, Messari frames the protocol as increasingly defined by its role in enabling institutional onchain finance at scale.
About Mantle
Mantle positions itself as the premier distribution layer and gateway for institutions and TradFi to connect with onchain liquidity and access real-world assets, powering how real-world finance flows.
With over $4B+ in community-owned assets, Mantle combines credibility, liquidity, and scalability with institutional-grade infrastructure to support large-scale adoption. The ecosystem is anchored by $MNT within Bybit, and built out through core ecosystem projects like mETH, fBTC, MI4 and more. This is complemented by Mantle Network's partnerships with leading issuers and protocols such as Ethena USDe, Ondo USDY, OP-Succinct and EigenLayer.
For more information about Mantle, please visit: mantle.xyz
For more social updates, please follow: Mantle Official X & Mantle Community Channel
For media enquiries, please contact: contact@mantle.xyz
About Bybit
Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 80 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: media@bybit.com
For updates, please follow: Bybit's Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
DUBAI, UAE, Feb. 5, 2026 /PRNewswire/ -- Messari has released its State of Mantle Q4 2025 report, providing an in-depth analysis of Mantle's network design, treasury strategy, and ecosystem development as the protocol advances its role as a coordinated distribution layer for institutional onchain finance.
The report examines Mantle's transition toward active capital deployment, exchange-led distribution, and institutional-grade infrastructure spanning real-world assets (RWAs), DeFi, and treasury-backed yield products.
Activating Treasury Capital to Anchor Onchain Liquidity
Messari highlights Mantle's $4.2 billion community-owned treasury, one of the largest in the industry, as a central pillar of its distribution strategy. In Q4 2025, Mantle shifted from passive treasury management toward active capital deployment, executing a proposal to migrate previously idle assets into Mantle Index Four (MI4), its institutional crypto index fund.
This deployment drove a 37.3% quarter-over-quarter increase in DeFi TVL, lifting Mantle's onchain TVL from $242.3 million to $332.7 million by quarter end. As of December 31, 2025, MI4 managed approximately $173 million in assets, delivering a 27.9% year-to-date return, underscoring Mantle's approach to treasury-backed, yield-bearing liquidity.
Exchange-Led Distribution and Infrastructure Alignment
The report underscores Mantle's deepening integration with Bybit, where MNT functions as a core platform asset across trading, fee payments, VIP programs, and institutional products. While onchain activity moderated in Q4 following Q3's incentive-driven expansion, Messari positions exchange-led distribution as a long-term structural advantage rather than a short-term growth lever.
Bybit's role as a distribution partner continues to anchor Mantle's liquidity chain, connecting centralized exchange liquidity with onchain yield strategies, stablecoin settlement, and institutional access points across the Mantle ecosystem.
Institutional Stack Expansion Across RWAs and DeFi
Messari highlights Mantle's growing institutional stack, particularly its focus on RWA and compliant onchain infrastructure. Mantle's Tokenization-as-a-Service (TaaS) platform supports end-to-end RWA issuance, enabling institutional participation through products such as Ondo Finance's USDY, which reached approximately $29 million tokenized on Mantle.
In Q4 2025, Mantle also expanded its RWA ecosystem through integrations including USDT0 for stablecoin settlement, a co-announcement with Bybit for the deployment of xStocks to support tokenized equities, and the deployment of QCDT, a regulated yield-bearing RWA product. These initiatives reinforce Mantle's positioning as infrastructure for compliant, institutional-scale onchain finance.
"Institutions don't adopt isolated execution layers; they adopt ecosystems that coordinate capital, liquidity, and distribution," said Emily, Key Advisor at Mantle. "In Q4, Mantle focused on activating treasury capital and strengthening institutional-grade infrastructure, rather than pursuing short-term, incentive-driven activity."
"Mantle's Q4 performance reflects a broader shift among Layer 2s toward coordinating capital, applications, and distribution rather than optimizing execution in isolation," said Evan Zakhary, Protocol Research Analyst at Messari. "The quarter was defined by treasury-backed TVL growth and normalization in onchain activity following earlier exchange-led expansion."
Positioning Mantle as a Distribution Layer for Onchain Finance
Messari's Q4 analysis positions Mantle as a Layer 2 evolving beyond execution into a distribution layer that coordinates capital, infrastructure, and access across CeFi and DeFi. Despite a broader market drawdown in Q4, Mantle closed the year with one of the largest treasuries in crypto, rising institutional participation, and a growing suite of yield-generating products backed by active DAO capital deployment.
As Mantle continues to deepen exchange integration, expand its RWA ecosystem, and deploy treasury assets into productive onchain strategies, Messari frames the protocol as increasingly defined by its role in enabling institutional onchain finance at scale.
About Mantle
Mantle positions itself as the premier distribution layer and gateway for institutions and TradFi to connect with onchain liquidity and access real-world assets, powering how real-world finance flows.
With over $4B+ in community-owned assets, Mantle combines credibility, liquidity, and scalability with institutional-grade infrastructure to support large-scale adoption. The ecosystem is anchored by $MNT within Bybit, and built out through core ecosystem projects like mETH, fBTC, MI4 and more. This is complemented by Mantle Network's partnerships with leading issuers and protocols such as Ethena USDe, Ondo USDY, OP-Succinct and EigenLayer.
For more information about Mantle, please visit: mantle.xyz
For more social updates, please follow: Mantle Official X & Mantle Community Channel
For media enquiries, please contact: contact@mantle.xyz
About Bybit
Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 80 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: media@bybit.com
For updates, please follow: Bybit's Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Mantle's Evolution Into an Institutional Distribution Layer for Onchain Finance, Marked by 37% QoQ TVL Growth in Messari Report
Strategic Combination Provides Asset Managers, Fund Administrators and Transfer Agents with an Integrated solution to support Exchange-Traded Funds
LUXEMBOURG, Feb. 5, 2026 /PRNewswire/ -- Multifonds, a leading global provider of fund administration software and SaaS solutions and Ultumus, a SIX Group company specialising in ETF infrastructure technology, today announced a strategic partnership designed to enable fund providers to rapidly expand into the fast-growing ETF market.
The collaboration gives Multifonds' clients direct access to Ultumus' specialised ETF technology platform and extensive network of Global authorised participants and market makers, enabled through a standard off-the-shelf connector now available on Multifonds platform.
Capitalising on the ETF Conversion Trend
With ETF assets growing at unprecedented rates, asset managers are increasingly seeking efficient pathways to launch ETF share classes or convert existing mutual fund strategies into ETF wrappers. This partnership addresses that demand by combining Multifonds' market-leading fund administration and investor servicing platform – which currently supports over $10 trillion in assets across 40,000+ funds in 35 jurisdictions, with Ultumus' proven ETF operational infrastructure.
"This partnership offers the market an integrated solution that eliminates the operational burden associated with ETF launches and administration" said Oded Weiss, Chief Executive Officer at Multifonds.
Comprehensive ETF Infrastructure Solution
The partnership brings together complementary capabilities:
- Multifonds provides the established fund accounting and investor servicing platform already trusted by 9 of the world's top 15 global fund administrators globally
- Ultumus contributes specialised ETF infrastructure including the COSMOS platform for creation and redemption processes, advanced PCF (Portfolio Composition File) calculation capabilities, and established relationships/distribution network with Global authorised participants and market makers
- Together, the combined offering and connectivity enables end-to-end ETF operations from fund accounting through trading and settlement, all on an integrated technology stack
Unlocking European Market Access
A key differentiator of the partnership is Ultumus' deep relationships with European, Asian and Canadian authorised participants and market makers – critical counterparties in the ETF ecosystem that enable efficient trading and liquidity provision. This network, combined with Multifonds' experience across more than 35 jurisdictions, provides asset managers and fund administrators with immediate access to the infrastructure needed to successfully launch and operate ETFs in Global markets.
"The ETF market is evolving rapidly, and asset managers need partners who understand both the traditional fund administration business and the unique operational requirements of ETFs," said Bernie Thurston, CEO of Ultumus. "Multifonds' client relationships, combined with our specialised ETF technology and market maker network, create a powerful solution for firms looking to participate in the ETF growth opportunity without building entirely new infrastructure."
Integrated Technology, Reduced Time-to-Market
The partnership enables Multifonds clients to:
- Rapidly launch ETF products
- Leverage an integrated infrastructure for fund accounting and investor servicing using the Multifonds platform across mutual funds and ETF
- Access Global authorised participants and market makers through Ultumus' network
- Automate creation and redemption processes increasing STP rates and reducing Risk
- Ensure accurate, timely PCF delivery to market participants
- Maintain operational control through integrated reporting and oversight
Supporting Industry Transformation
The collaboration comes at a pivotal moment for the asset management industry, especially with the move to T+1 settlement in Europe. Recent regulatory changes enabling ETF share classes of existing mutual funds, combined with strong investor preference for ETF structures due to tax efficiency and lower costs, have accelerated demand for solutions that bridge the mutual fund and ETF worlds.
"We're seeing a fundamental shift in how asset managers and fund administrators think about product structure," added Weiss. "This isn't just about launching new products – it's about giving existing fund families the tools to evolve with market demand. Our partnership with Ultumus provides that capability at scale."
About Multifonds
Multifonds is a leading global provider of fund administration software. The company offers fund accounting, portfolio accounting and investor servicing solutions on a single platform. Supporting over $10 trillion in assets for both traditional and alternative funds across more than 35 jurisdictions, Multifonds serves the world's leading global custodians, third-party administrators, insurance companies, and asset managers. For more information, visit www.multifonds.com.
About Ultumus
Ultumus, a SIX Group company, is a specialised provider of ETF and index data technology infrastructure. The company delivers critical ETF services including PCF calculation, the COSMOS platform for creation and redemption processes, and multi-provider data aggregation to major global financial institutions. Ultumus serves leading asset managers, broker-dealers, and market infrastructure providers globally. For more information, visit www.ultumus.com.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Multifonds and Ultumus Join Forces to Accelerate ETF Expansion in Europe, Asia and North America
