TechFlow reported that on June 13, Mantle announced the launch of SPCXx, a tokenized SpaceX equity asset issued by xStocks. According to Mantle, SPCXx began 24/7 on-chain trading on the same day SpaceX completed what it described as the largest IPO in history. The listing connects a newly listed traditional market asset with an on-chain trading venue from its first day of public market availability.
Fluxion and Merchant Moe Support the Launch
The SPCXx asset went live through two platforms in the Mantle ecosystem: Fluxion and Merchant Moe. Fluxion uses xStocks’ Atomic RFQ mechanism, which supports direct minting and redemption by the issuer. Mantle said this structure fully avoids AMM slippage and delivers institutional-grade execution for the tokenized equity product.
Alongside Fluxion’s execution layer, Merchant Moe launched an incentive program called “Project X.” The program allocates 100,000 MNT in rewards for liquidity providers, with the first phase opening the SPCXx/USDT0 pool. The pool is designed to provide trading liquidity for the tokenized SpaceX equity asset after its listing on Mantle.
First-Day On-Chain Trading Model
Mantle stated that SPCXx is the first tokenized stock to go on-chain on the first day of its public listing. The company described the product as a case in which one of the decade’s most anticipated IPOs is linked directly with the on-chain market, allowing the asset to enter blockchain-based trading at the same time it reaches the traditional market.
Mantle also said that more high-demand tokenized stocks will follow the same listing model on its network. Under that structure, xStocks issues the tokenized stock, Fluxion handles execution, and Merchant Moe provides liquidity incentives. The SPCXx launch therefore sets out the roles of the three parties across issuance, execution and liquidity support for future tokenized equity assets on Mantle.