As of , source Weekly Transparency Report 21 and MANTRA key dates
RWA tokenization platform: a Layer 1 blockchain for real-world assets
MANTRA Chain is a Layer 1 blockchain for real-world assets, used as an RWA tokenization platform: issuers deploy tokens on EVM or CosmWasm and attach identity, allow-list and transfer rules to them. Mainnet has been live since 23 October 2024, EVM since 17 September 2025, and the average fee was 0.0136 MANTRA per transaction in the week to 4 October 2026.
Not financial advice. Crypto is highly volatile and may drop in value significantly. You may lose the amounts you invest and your investments do not benefit from any form of financial protection.
Facts
- Mainnet
- EVM
- , release v5.0.0
- Week to
- 14,274 transactions. Average fee 0.0136 MANTRA.
- Operator
- MANTRA Chain Association. It holds no licence.
Source: Weekly Transparency Report 21 and mantrachain.io/llms.txt, read 11 October 2026.
Site read , source mantrachain.io/for-builders and MANTRA key dates
How does MANTRA Chain work as an RWA blockchain?
MANTRA Chain is built with the Cosmos SDK. Mainnet went live on 23 October 2024, EVM compatibility followed on 17 September 2025, and the chain also runs CosmWasm contracts and connects to other networks over IBC.
What an RWA Layer 1 is
An RWA blockchain, or RWA Layer 1, is a base network whose own protocol carries the identity, allow-list and transfer controls that regulated assets need. A Layer 1 blockchain for real-world assets offers those controls to every issuer, where a general-purpose chain leaves them to each application.
What runs on the chain and what stays off it
On the chain: the token contract, on EVM or CosmWasm, its compliance rules and the record of every transfer. With the issuer and its licensed partners: the asset, the legal wrapper, the approvals and the sale. The chain enforces what the issuer configures. It does not hold the asset or choose the investors.
Announcements of to , source MANTRA announcements
Asset tokenization platform: what you can tokenize on MANTRA Chain
As an asset tokenization platform, MANTRA Chain is a public ledger for token contracts, so the asset class is the issuer's choice. The examples are MANTRA's own dated announcements, each with what is known of its status today.
Asset classes
- Real estate
- MANTRA announced a partnership with the UAE developer MAG on 3 July 2024, focused at first on Keturah Reserve in Dubai's Meydan district, and one with DAMAC Group on 9 January 2025. Announced The current status of both is not confirmed. Roles and licences are on the page about real estate tokenization on MANTRA Chain.
- Funds and treasuries
- The sources read for this page name no fund or treasury token issued on MANTRA Chain.
- Private credit
- None named in the same sources.
- Other real-world assets
- Pyse's Green Velocity 1 token, backed by electric motorcycles in Dubai, was described as the first live RWA investment product on MANTRA Finance. Subscriptions paused MANTRA Finance paused subscriptions on 16 March 2026 and said all contributions would be returned in full.
Who issues the token
The issuer issues the token. MANTRA Chain Association operates the chain and does not issue or sell assets. An issuer that uses the chain stays responsible for the asset, for the offering documents and for any approval its regulator requires.
Method reviewed , standards from the EVM announcement of
How tokenization on MANTRA Chain works
Tokenizing an asset takes five steps: two belong to the issuer and its licensed partners, three run on the chain. The general method and the three legal models are in the guide to what RWA tokenization is and how it works.
Diagram drawn
1. Structure the asset and the legal wrapper
Issuer and its advisers, off the chain. The issuer decides what one token stands for: direct ownership, a share in a company that holds the asset, or a claim on it. That wrapper, and any approval the offer needs, comes before any code.
2. Deploy the token contract
Issuer or its developer, on the chain. The token is deployed as a contract on the EVM or in CosmWasm. The EVM announcement lists ERC-20, ERC-721 and ERC-3643 among the supported standards.
3. Attach compliance rules
Issuer, on the chain. The issuer sets who may hold the token and when it may move, for example through an allow-list of verified wallets. The contract checks each transfer against those rules.
4. Arrange custody and distribution
Issuer and licensed partners, off the chain. Someone must hold the underlying asset, and someone must be permitted to sell the token: custodians, and venues licensed where the investors are. MANTRA Chain Association does neither.
5. Run the lifecycle
Issuer, on the chain. Transfers, distributions, redemptions and changes to the allow-list are transactions. Each pays a network fee in MANTRA and leaves a public record that an auditor can read.
Claims read , source mantrachain.io/for-builders
Compliance controls at protocol level
MANTRA describes its compliance tooling in two sentences on its page for builders, and its page for institutions calls the result onchain compliance. Both are quoted as MANTRA's statements and explained in plain words.
"KYC/AML, permissioned pools, and institutional guardrails at the protocol level"
Identity and allow-lists
A wallet must be linked to a verified person or company before it may hold a restricted token. The list of approved wallets is the allow-list. In most permissioned-token designs the check itself happens off the chain and only its result is recorded. MANTRA Chain's module names and settings are not on the main site: read the MANTRA Chain developer documentation.
Transfer restrictions and permissioned pools
A transfer restriction is a rule the token contract applies before it moves a balance: the receiving wallet must be approved and the transfer must fit the issuer's limits. A permissioned pool applies the same test to a liquidity pool. The EVM announcement lists ERC-3643, published as "T-REX - Token for Regulated EXchanges", among the supported standards. It is an Ethereum standard for permissioned tokens: see the glossary entry for ERC-3643 and permissioned tokens.
Audit trail
The second sentence reads "Audit-ready compliance trails built onchain". Every issuance, transfer and rule change is a transaction on a public ledger with a time and a sender, so an auditor can rebuild a token's history from the chain. That record does not replace the issuer's books or an audit of the underlying asset.
Report 21 covers to
Network facts and costs
Network costs are measured and published every week. The figures come from the weekly transparency report and from dated announcements.
As of , source Weekly Transparency Report 21 and dated announcements
| Measure | Value | Date, period and source |
|---|---|---|
| Stack | Cosmos SDK | With EVM and CosmWasm contracts. Page for builders |
| Mainnet live | 23 October 2024 | MANTRA key dates |
| EVM compatibility | 17 September 2025 | Release v5.0.0, MANTRA key dates |
| Interoperability | IBC | Plus a Hyperlane bridge. Page for builders |
| Transactions in the latest week | 14,274 | 28 September to 4 October 2026, report 21 |
| Average fee per transaction | 0.0136 MANTRA | Same week, report 21 |
| Validators | 38 | Post-mortem of the 20 August 2026 incident. Securitize joined the set on 22 May 2026. |
| Unbonding period | 8 days | 4 October 2026, report 21 |
| Last reviewed . Sources: mantrachain.io/transparency/21/, mantrachain.io/llms.txt, mantrachain.io/for-builders and MANTRA's post-mortem of the 20 August 2026 incident. | ||
Gas, staking and bridge costs are set out in the MANTRA Chain fee table. Fees are paid in MANTRA: supply, staking and the unbonding rule are covered under the MANTRA token and staking.
Not published
Legal structuring, licensing, custody and distribution are priced by the issuer's advisers and partners. MANTRA publishes no figure for them, so none is given.
Site read , announcements read
Building and issuing on MANTRA Chain
Issuers, asset managers and fintech builders need the same facts, so they are set out once.
Deploy existing EVM contracts
MANTRA Chain is an EVM-compatible Layer 1: the EVM arrived on 17 September 2025 through Interchain Labs' Cosmos EVM module. The site says "Deploy existing EVM contracts with zero code changes", and the announcement promises "Complete compatibility with Ethereum tooling (MetaMask, Hardhat, Truffle)". Test both against your own contracts. The exploit of 20 August 2026 was traced to cosmos/evm, an upstream dependency since patched: see the security record and the August 2026 post-mortem.
CosmWasm and IBC
Contracts can also be written for CosmWasm and run beside EVM contracts. IBC connects the chain to other networks, and the site lists a Hyperlane bridge. Whether a restricted token keeps its transfer rules after crossing a bridge depends on the issuer's setup, so settle that before launch.
Docs, explorers and canonical contracts
Developer guides are at docs.mantrachain.io. Two explorers show the chain: MANTRA Scan and the EVM explorer on Blockscout. EVM mainnet addresses for wMANTRA, stMANTRA, mantraUSD, USDC, USDT, wBTC, wETH and HYPE are on the docs page Canonical ERC-20 Contracts, which MANTRA names as the source of truth. Check every token address against it.
RWAccelerator with Google Cloud
The RWAccelerator is MANTRA's programme for startups, "supported by Google Cloud". It offers "Up to $200,000 USD in cloud credits over two years for qualifying startups". Selection criteria and intake dates are not in the sources read for this page.
Custody, validators and counterparties
MANTRA's page for institutions claims custodial integrations "with fully regulated digital asset custodians across multiple regions" and validators "including banks, custodians and security providers". One validator is named in a dated announcement: Securitize, on 22 May 2026. The partners page shows logos that include Anchorage Digital, Chainlink and code4rena, without saying what each integration covers. Ask for the supported custodians and the current validator set in writing.
Comparison prepared , MANTRA figures from the network table
MANTRA Chain compared with other ways to tokenize
The table compares four approaches, not named products. It says where MANTRA Chain is the weaker choice: a small validator set, modest activity and a short history that includes an exploit.
As of for MANTRA Chain, general description for the other three
| Criterion | MANTRA Chain, Layer 1 | General-purpose public chain | Private permissioned ledger | Tokenization software vendor |
|---|---|---|---|---|
| Where compliance is enforced | In the token contract, with controls that MANTRA places "at the protocol level". | In each token contract. The issuer brings or builds the rules. | At the door: only admitted members can connect. | In the vendor's contracts and its own off-chain system. |
| Who validates | A small set: 38 validators in August 2026. | An open set of validators. | The operator or a group of named members. | The validators of the chain the vendor deploys on. |
| EVM compatibility | Yes, since 17 September 2025, with CosmWasm beside it. | Yes on EVM chains, no on the others. | Depends on the ledger software. | Follows the host chain. |
| Ecosystem size | Modest: 14,274 transactions in the week to 4 October 2026. | Usually the widest choice of wallets, tools and venues. | Limited to the members admitted. | The vendor's clients plus the host chain. |
| Track record | Short: mainnet since 23 October 2024, and an exploit of an upstream module on 20 August 2026 that stopped the chain for 30 hours 13 minutes. | Depends on the chain. Some have run for many years. | Depends on the operator and is seldom public. | Depends on the vendor and on the host chain. |
| Last reviewed . The MANTRA Chain column uses the sources of the network table. The other three describe an approach in general. | ||||
Before you choose, read what happened on 20 August 2026 and what changed afterwards.
Register read , source public register entry VL/25/02/001 and the site Terms
Who is regulated and what the licence covers
MANTRA Chain Association operates the chain and is not licensed by VARA. Mantra Finance FZE, a separate MANTRA Group company, is licensed by Dubai's Virtual Assets Regulatory Authority (VARA) under VASP Licence VL/25/02/001 for Exchange Services, Broker-Dealer Services and Management and Investment Services. The register entry for Mantra Finance FZE shows the status as Active and permits it to serve institutional, qualified and retail investors under the conditions printed there.
The register lists no Category 1 VA Issuance activity, so the licence VL/25/02/001 does not make any MANTRA company the issuer of a client's asset. Every issuer holds its own approval where one is required and is named as the issuer. The Virtual Asset Issuance Rulebook separates Category 1 from Category 2 issuance.
One point is open. The Terms, last updated on 14 November 2024, say the Association "only operates the blockchain, MANTRA Chain, but does not provide or offer any products or services". This page describes a service, so the company that signs a tokenization agreement must be named.
In the UAE the rulebook depends on the zone: VARA in Dubai outside the DIFC, the DFSA inside the DIFC and the FSRA in ADGM. The full map, including what a platform or an issuer needs there, is in the guide to RWA tokenization in Dubai and the UAE: rules and licences, and property is covered on the page about tokenizing real estate in Dubai and the UAE.
For information only, not investment advice. Every register field is on the page with VARA licence details for Mantra Finance FZE (VL/25/02/001), and the companies are set out under MANTRA legal entities and leadership.
Answers checked
RWA tokenization platform FAQ
What is an RWA tokenization platform?
An RWA tokenization platform is the set of contracts, rules and services an issuer uses to record rights in a real-world asset as tokens and to control who may hold and transfer them. On MANTRA Chain those controls sit on a public Layer 1, while the asset and its legal wrapper stay with the issuer.
What is the difference between an RWA blockchain and a tokenization platform?
The blockchain is the base network that records balances and enforces the rules written into a token. A tokenization platform is the set of contracts, rules and services an issuer uses on top of it. MANTRA Chain supplies the first and the tooling for the second. The issuer stays the issuer.
Can I deploy Ethereum smart contracts on MANTRA Chain?
Yes. MANTRA Chain has been EVM-compatible since 17 September 2025, and MANTRA states that developers can "Deploy existing EVM contracts with zero code changes". The announcement names MetaMask, Hardhat and Truffle as supported tooling. Test your contracts before launch and take the network settings from the developer documentation.
How much does it cost to tokenize an asset on MANTRA Chain?
The network cost is measured: the average fee was 0.0136 MANTRA per transaction in the week to 4 October 2026. The larger costs are not network fees. Legal structuring, licensing, custody and distribution depend on the issuer, the asset and the country, and no price is published for them, so no figure is given here.
Does MANTRA issue or sell the tokens?
No. MANTRA Chain Association operates the blockchain and does not issue or sell assets, and the issuer is named as the issuer. A separate company, Mantra Finance FZE, is licensed by VARA (VASP Licence VL/25/02/001) for Exchange Services, Broker-Dealer Services and Management and Investment Services. Its register entry lists no Category 1 VA Issuance activity.
Which standards can a token use on MANTRA Chain?
On the EVM, the announcement of 17 September 2025 lists ERC-20 for fungible tokens, ERC-721 for unique tokens and ERC-3643 for permissioned tokens, where the contract checks each transfer against the issuer's identity rules. A token can also be written as a CosmWasm contract.
Questions about the coin, staking and the licence are answered in the MANTRA Chain FAQ.
Guides last reviewed
Related guides and next step
- What RWA tokenization is
The steps from asset to token, the three legal models and what can go wrong.
- How a tokenized property is structured
Where the legal title sits, how custody and income work and how an investor exits.
- RWA tokenization rules in the UAE
Which regulator covers what, and which licence a platform or an issuer needs.
- Real estate tokenization in Dubai and the UAE
Roles, licences and MANTRA's dated property announcements.
The hub lists all RWA tokenization guides, and the tokenization glossary defines the terms used on this page.
Talk to the institutions team
Write to [email protected] with the asset, the jurisdiction and the timetable, and ask which company you would contract with.