The RWA market is gaining momentum: Grvt expands its position in USDY by $100 million, while Coinbase establishes a foothold in Abu Dhabi
The real-world asset (RWA) tokenization sector continues to demonstrate explosive growth, and recent developments only confirm this. Grvt, a hybrid CeDeFi platform combining elements of centralized and decentralized finance, has announced a strategic partnership with RWA product issuer Ondo Finance. Over the next twelve months, the exchange intends to grow its position in the tokenized USDY instrument to an impressive $100 million.
Partnership Mechanics and Yield
The key element of the deal is the integration of an annual percentage yield (APY) of 3.5% into the existing base rate of the Grvt Earn product. This is not an isolated initiative: the platform already aggregates yield through integrations with protocols like Aave. In essence, Grvt is creating a unified liquidity pool where users earn passive income by providing their assets, and the base yield will now be backed by institutional U.S. Treasury bonds via Ondo.
Currently, according to data from the analytics platform RWA.xyz, Ondo Finance's total assets under management (AUM) stand at approximately $2.59 billion. The portfolio structure is as follows:
- USDY — $2.1 billion, deployed across 8 networks;
- OUSG — $500 million, available only to qualified U.S. investors.
Grvt's planned $100 million position would represent about 3.8% of USDY's current AUM — a serious commitment that could significantly impact the liquidity and distribution of this asset.
Infrastructural Shift
This partnership is not just another deal but a marker of a deeper transformation. Tokenized Treasury bonds are ceasing to be a niche investment product and are becoming a foundational infrastructure layer for DeFi platforms. For Ondo, this solves a critical distribution problem — the main bottleneck in scaling USDY. The integration with Grvt Earn allows for expanded reach without the costly effort of entering the retail market directly.
Grvt, built on the ZKsync L2 solution, is a player with ambitions. 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 project, and such partnerships strengthen its position.
Coinbase: Expansion into the Middle East
In parallel, another giant, Coinbase, is expanding its geographic influence. The exchange's management has announced the opening of an international tokenization hub in Abu Dhabi. The company has received a financial services permit from the Financial Services Regulatory Authority of the Abu Dhabi Global Market. This is a strategic move: Coinbase plans to use the license to offer digital securities backed by underlying equities.
This decision comes amid growing interest from traditional financial institutions in blockchain rails. Banks and asset managers worldwide are actively converting funds, bonds, and equities into tokenized form, seeing it as a way to streamline 24/7 settlements and use assets as collateral in on-chain markets. The new division will operate in parallel with Coinbase's derivatives business in Dubai, giving the company two footholds in the UAE for expansion beyond the U.S. market.
My view: we are witnessing the consolidation of the RWA sector. Major players like Coinbase and niche platforms such as Grvt are coming to understand that tokenization is not just a passing trend but a necessary evolutionary step for the entire industry. The question now is not whether this market will grow, but who will manage to secure the best positions before mass adoption begins.