Why is Mantle up today?

Mantle is up 4.3% over 24 hours to $0.679 and 19.9% over the week, but there's no Mantle-specific news behind the move. Bitcoin is flat on the day at $84,441 while still up 10.3% on the week, so MNT is riding a broader recovery in risk appetite and outperforming the majors on a thin $65.74M in daily volume against a $2.24B market cap.

The market-wide backdrop is mixed. The Federal Reserve opened two proposals for comment under the GENIUS Act, requiring supervised stablecoin issuers to fully back tokens with safe assets and setting up an application process for banks — a regulatory clarity signal for onchain finance. Cathie Wood's ARK is also tokenizing its venture fund with Securitize, launching first on Ethereum, which supports sentiment around Ethereum-aligned networks like Mantle, an Ethereum layer-2.

Offsetting that: roughly $350 million was drained from wallets labeled as Bitget's across multiple chains, New York sued Polymarket over unlicensed gambling, and the 30-year Treasury yield hit 5.44%, its highest since 2004.