Bybit Crypto Insights Report: Mantle Network (MNT) hits all-time high: Unpacking its surge as it becomes the stablecoin of Bybit

MNT leads altcoin outperformance

Recently, Mantle Network’s token, MNT, surged to a new all-time high (ATH), marking a significant milestone in its trajectory. As a relatively new token (two years old), its outperformance since July 2025 and potential future movements are worth noting.

MNT price. Source: Bybit

MNT’s breakout above 1.41 to reach an ATH creates momentum for the token to reach new highs, as 1.40 represents the tops of the previous two cycles. The MACD Level (12, 26) has reached 0.84, and almost all moving averages ratios are pointing to a short-term bullish outlook for MNT.

Key drivers behind MNT’s ATH

Several interlinked factors have contributed to MNT’s breakout.

Liquidity surge via stablecoins

Market capitalization of stablecoins on Mantle Network. Source: DefiLlama

One of the most significant catalysts was the influx of stablecoin liquidity into the Mantle Network’s ecosystem. Its stablecoin supply hit a record $728 million, boosting immediate buying power and enabling traders to enter MNT positions more aggressively.

Mantle 2.0: MNT becomes the stablecoin of Bybit

The impetus behind the influx is the anticipation of investors over Mantle 2.0.

Mantle 2.0 isn’t just a technical upgrade — it’s a reimagining of Mantle Network’s purpose as it aims to become the institutional “liquidity chain” for tokenized real-world assets (RWAs), bridging the gap between decentralized governance and centralized infrastructure. Key goals include the following:

• Accelerating DeFi-CeFi convergence by integrating Mantle Network with Bybit, one of the world’s largest crypto exchanges

• Expanding MNT utility beyond governance into payments, trading, staking and savings

• Creating a hybrid ecosystem that supports both retail and institutional users

Source: Bybit

To meet these purposes, Mantle’s cooperation with Bybit is creating further excitement regarding its potential. As noted above, there are huge opportunities for users to own MNT through Bybit — buying, using, holding, and earning, you name it. Essentially, becoming a stablecoin on Bybit is driving MNT’s value.

A rise in platform tokens

MNT's success isn’t unique. We’ve seen the rise of OKB and other tokens closely linked to leading crypto exchanges. Behind this dynamic is the investors’ preference toward the integration of centralized exchanges (CEXs) and decentralized protocols. 

But why haven’t platform tokens become favorable until now?

As crypto links with traditional finance more closely, investors’ trust in centralized players grows. In particular, the success of crypto IPOs, including CRCL and Bullish, has turned more TradFi investors into crypto investors. They believe in the potential of centralized players that are globally becoming more dependable with increased regulatory oversight. 

Since Gemini is going to be listed in the US, investors believe more centralized exchanges will now be listed and regulated there.

In addition, loosening regulations mean that the utilities of platform tokens have become much more innovative than before. Therefore, platform tokens such as MNT are creating more value for their holders and, increasingly, functioning more like traditional stocks.

Risks 

While the MNT token’s recent ATH is a bullish milestone, it’s essential to consider potential profit-taking. ATHs often attract short-term traders looking to capitalize on gains, which can lead to increased selling pressure.

What’s next for Mantle?

The path forward for MNT hinges on its fundamental development. As Mantle Network continues to innovate and expand its use cases with Bybit, it could justify higher valuations.

From comparing MNT with BNB, it’s clear that a huge gap is evident in their valuation, indicating that Mantle Network has enormous room for growth.

Decentralized crypto exchanges such as Hyperliquid were welcomed by the market in 2025. Looking forward, if the Mantle Network ecosystem can nurture protocols such as another Hyperliquid, there’s more room for imagination. With the help of Bybit’s liquidity, Mantle Network has the advantage of being able to build a robust trading infrastructure.

Top protocols on Mantle Network. Source: Bybit

Last but not least, Mantle Network has successfully attracted leading RWA players to its ecosystem, including Ondo Finance. If Mantle Network can continually retain key RWA players in its ecosystem, we foresee more liquidity and capital inflows to its ecosystem.