Key Notes
- Bybit plans a November launch for mStocks, offering 24/7 trading in tokens backed one-for-one by real shares.
- The Mantle collaboration envisages collateral and DeFi uses, while the reported issuer structure differs from direct share ownership.
- The product is separate from Bybit’s existing stock service, which uses Alpaca infrastructure and operates on a 24/5 schedule.
Bybit plans to launch mStocks in November 2026, expanding its equity offering with tokens backed 1:1 by real shares and intended to trade around the clock. The product is being developed with Mantle, with plans to make the tokens usable beyond a conventional stock-trading account.
Crypto Briefing reported the November timetable on October 13, alongside plans for trading collateral and potential decentralized exchange access. The rollout remains ahead: the report does not specify a launch day or an initial stock list.
Bybit’s own product materials describe mStocks as share-backed instruments with 24/7 trading. That would allow trading through weekends, extending access beyond the schedule of the exchange’s separate Direct Stocks service.
Share Backing and Holder Rights Are Separate Questions
The reported structure assigns issuance to Halo Prime Limited, a British Virgin Islands company, with mStocks classified as limited-recourse debt obligations. Bybit would provide the trading interface and smart-contract functions, rather than act as issuer or custodian, according to Crypto Briefing.
This makes the legal claim important alongside the underlying share. A token backed by stock is not automatically the same instrument as that stock, and the reported debt structure should not be described as direct shareholder ownership.
Similar distinctions run through the market. CoinScreamer’s coverage of Securitize Stocks examined security entitlements backed by shares, with applicable dividend and voting rights. Different issuance models can provide different rights even when each uses one-for-one backing.
Two Routes Into Equities on Bybit
Bybit has already introduced its separate stock service, offering eligible users more than 1,000 US-listed stocks and exchange-traded funds funded with USDC. Orders are executed through Alpaca, which also holds the underlying securities in custody.
| Feature | Direct Stocks | mStocks |
|---|---|---|
| Availability | Already introduced | Planned for November |
| Trading schedule | 24/5 for supported securities | 24/7 planned |
| Product structure | Underlying securities held through Alpaca | Share-backed tokens issued by Halo Prime, according to the report |
| Onchain use | No onchain transfer or DeFi activity in the current product guide | Collateral and DeFi uses planned |
The existing service supports fractional purchases for eligible shares and corporate actions such as dividends and stock splits. Its published terms say shareholder voting is not currently available, while the launch release describes voting support as a future phase.
Its zero-commission description also needs qualification. Bybit’s FAQ lists a separate service fee of 0.1% of the executed order value, with a minimum of 0.35 USDC. Those are Direct Stocks terms; they should not be assumed to be the fee schedule for mStocks.
Mantle Adds an Onchain Route
The collaboration builds on an existing relationship. In November 2025, Mantle, Bybit and Backed announced a separate initiative for xStocks, combining tokenized equities with Mantle infrastructure and exchange access. That earlier product and its issuer arrangements should not be confused with the newly reported mStocks structure.
Using equity tokens as collateral would let a position support another financial obligation, rather than only provide exposure to a company’s share price. However, actual usefulness depends on which markets accept the asset, their collateral limits and the liquidity available when positions must be closed.
That is the broader capital-efficiency argument behind tokenization. Our coverage of Nasdaq’s collateral plans explains why moving assets between financial systems also requires legal agreements, risk controls and connected operating infrastructure.
A 24/7 token market can remain active while the stock exchange providing its price reference is closed. Continuous trading therefore does not guarantee deep liquidity or an identical executable price across both markets. Bybit’s current stock guidance separately warns about thinner liquidity and wider spreads outside regular hours.
The November plan puts mStocks on Bybit’s roadmap, rather than confirming that its full feature set is already available. The next disclosures will need to clarify the supported stocks, eligible jurisdictions, custody arrangements and redemption conditions, as well as which collateral and decentralized trading integrations are ready at launch.
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