Mantle Vault Expands Into Decentralized Finance With New Stablecoin Yield Product
According to a Dubai-based announcement from Mantle, the network's Mantle Vault has moved beyond its centralised footprint on Bybit and into decentralised finance, built on Grove infrastructure, constructed by CIAN, and distributed through Fluxion.
Mantle Vault Crosses Into DeFi With a Variable-Rate Stablecoin Product
The vault, which Mantle says has already surpassed $200 million in AUM inside Bybit, now accepts USDC and USDT0 deposits on Mantle for variable yield. For capital allocators benchmarking stablecoin yield across competing chains, this is another variable-rate deposit product entering a field already crowded with Sky/Spark, Morpho, and Aave-adjacent structures.
What the Underlying Strategy Actually Is
The expanded vault runs a non-leveraged structure delivering exposure to sUSDS, Sky Protocol's yield-bearing token, alongside Fluxion Points. Grove anchors the capital base through Grove Savings, the on-chain interface to the Sky Savings Rate — a rate set by Sky governance and allocated across strategies by the Sky Agent Network. CIAN handled the portfolio construction, porting its institutional-grade framework from the original Bybit product into a non-custodial wrapper. "At CIAN, we translate institutional-grade portfolio construction into transparent, non-custodial yield infrastructure," said Luffy, Founder of CIAN.
On top of that base layer, Mantle is layering a dedicated incentive programme of 5.14 million GROVE tokens, targeting up to 6.5% APY. Read that carefully: the 6.5% figure is a ceiling contingent on the GROVE subsidy and on programme terms that "may vary based on market conditions." The sUSDS component is the actual on-chain cash flow; the GROVE allocation is a separate emissions budget with its own cliff and distribution mechanics.
Where to Sit on the Risk Curve
Three things deserve scrutiny before sizing any position. First, peg stability of the deposited assets — USDC and USDT0 are the entry rails, and USDT0 specifically is the newer cross-chain issuance whose liquidity depth and redemption path remain thinner than its predecessors. Second, utilization rate dynamics on the underlying sUSDS leg: the Sky Savings Rate moves with governance decisions, so "variable" should be read literally, not as a steady coupon. Third, the sustainability of the GROVE emissions versus the headline APY — if the 5.14 million token budget is front-loaded, early depositors capture a disproportionate share and late depositors inherit a thinner yield.
Mantle frames the move as part of a broader RWA thesis: RWA TVL on the network reportedly climbed from $22 million to $257 million over the past year, with DeFi TVL above $755 million. The vault itself is the delivery mechanism. For a portfolio running a delta-neutral stable book, the practical question isn't whether Mantle Vault exists — it does — but whether the GROVE-adjusted yield compensates for the additional smart-contract surface across Grove, CIAN, and Fluxion relative to depositing directly into Sky.