The RWA market is gaining momentum: Grvt strengthens its position in USDY by $100 million, while Coinbase establishes itself in the UAE.
The real-world asset (RWA) tokenization sector continues to demonstrate explosive growth, and recent developments only confirm this. Hybrid CeDeFi platform Grvt has announced a strategic partnership with tokenized asset issuer Ondo Finance. Over the next twelve months, the exchange plans to grow its position in the USDY product to $100 million, marking a serious bet on institutional-grade yields.
Partnership mechanics and yield
A key element of the deal is the integration of an annual percentage yield (APY) of 3.5% into the base rate of the Grvt Earn product. This is not an isolated option but part of a comprehensive rewards system that already includes integration with the Aave protocol. Essentially, the platform turns passive income into a standard feature for liquidity holders: after making a deposit, the user automatically starts earning, receiving yield from U.S. Treasury bonds.
The scale of Grvt's intentions is impressive. According to current RWA.xyz data, Ondo's total assets under management (AUM) stand at approximately $2.59 billion. The bulk is concentrated in USDY — $2.1 billion distributed across eight networks, while the OUSG product, available only to qualified U.S. investors, accumulates $500 million. Thus, Grvt's planned $100 million position would represent roughly 3.8% of current USDY AUM. This is not merely a speculative purchase but the formation of an infrastructural liquidity layer.
Paradigm shift in DeFi
This partnership is a striking marker of the market's evolution. Tokenized Treasury bonds are ceasing to be an exotic investment instrument and are becoming a foundational building block for DeFi platforms. For Ondo, this solves the critical distribution problem — the main bottleneck in scaling USDY. The integration with Grvt Earn allows for expanded reach without directly entering the retail market, which is an elegant flanking maneuver.
Let me recall the context: Grvt operates on the ZKsync L2 solution. 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 ambitious player clearly targeting the institutional segment.
Coinbase and Middle East expansion
In parallel, another industry giant, Coinbase, is strengthening its position in the RWA segment outside the U.S. On August 11, the company announced the opening of an international tokenization hub in Abu Dhabi. The license obtained from the Financial Services Regulatory Authority of the Abu Dhabi Global Market will allow the exchange to offer digital securities backed by underlying shares.
This move is part of a global trend where traditional asset managers and banks are actively moving funds, bonds, and private credit onto blockchain rails. The new structure in Abu Dhabi will operate in parallel with Coinbase's derivatives business in Dubai, creating two anchor bases for Middle East expansion. Clearly, the exchange is betting on the region as a key hub for onchain finance.
My take: We are witnessing market consolidation. Major players are not just speculating on tokens but building infrastructure. The actions of Grvt and Coinbase indicate that the battle for liquidity and institutional clients in the RWA segment will only intensify. However, it is worth remembering the risks: the recent conflict over control of Ondo Finance following the founder's death serves as a reminder that even the most promising projects are vulnerable to corporate governance issues.