The RWA market is gaining momentum: Grvt expands its position in USDY by $100 million, Coinbase opens a hub in Abu Dhabi
The real-world asset (RWA) tokenization sector continues to demonstrate explosive growth, and recent developments only confirm this. Hybrid exchange Grvt, which combines elements of CeFi and DeFi, has officially announced a strategic partnership with tokenized asset issuer Ondo Finance. Under the agreement, the platform plans to grow its position in the USDY product to $100 million within a year. This is not just a number — it is a signal that institutional players are beginning to view RWA as a full-fledged tool for liquidity management.
An annual yield (APY) of 3.5% will be integrated into the base rate that users already receive through the Grvt Earn product. In addition, the platform continues to use other income sources, including integration with the Aave protocol. Essentially, the mechanism is simple and elegant: a client makes a deposit, providing liquidity, and receives passive income. This is a classic model that is now backed by real assets.
According to current data from the analytical platform RWA.xyz, Ondo Finance's total assets under management (AUM) amount to approximately $2.59 billion. The distribution structure is as follows:
- USDY — $2.1 billion, deployed across 8 networks;
- OUSG — $500 million, available exclusively to qualified investors from the United States.
USDY is a tokenized instrument backed by short-term U.S. Treasury bonds and bank deposits. Grvt's planned position of $100 million will account for approximately 3.8% of USDY's current AUM, making the exchange one of the largest holders of this asset. This is not just a speculative bet, but a strategic move that transforms tokenized Treasury bonds from a niche investment product into a key infrastructure layer for DeFi platforms.
For Ondo, this partnership solves the critical problem of distribution — the main bottleneck in scaling USDY. The integration with Grvt Earn allows for expanded reach without the need for direct retail market access, which is especially important amid tightening regulation.
Grvt, operating on the ZKsync L2 solution, has ambitious plans. In September 2025, the platform raised $19 million in a Series A round, and on July 30, 2026, the GRVT token TGE took place. This is a young but rapidly growing player that is clearly aiming for leadership in the segment of confidential on-chain finance.
In parallel, Coinbase continues to expand its geographic footprint. On August 11, the company announced the opening of an international tokenization hub in Abu Dhabi, having received a license from the Financial Services Regulatory Authority of the International Financial Centre. The license is expected to allow Coinbase to offer digital securities backed by underlying equities. This is a logical step amid growing interest from traditional financial giants in blockchain rails for transferring funds, bonds, and stocks.
The new division in Abu Dhabi will operate in parallel with Coinbase's derivatives business in Dubai, creating two anchor bases in the UAE for international expansion beyond the United States. This indicates that the Middle East is becoming a key region for the crypto industry.
My view: these events are vivid confirmation that the RWA sector is transitioning from pilot projects to large-scale adoption. Institutional money is coming into tokenized assets not for hype, but for real yield and efficiency. However, it is worth remembering the risks: the conflict at Ondo Finance following the founder's death, which came to light in August, reminds us that governance of such projects remains a vulnerable point. Investors should closely monitor corporate governance in these new structures.