RWA expansion is gaining momentum: Grvt builds a $100 million position in USDY, Coinbase establishes itself in Abu Dhabi
The real-world asset (RWA) tokenization sector continues to demonstrate explosive growth, and recent developments only confirm this. The hybrid CeDeFi platform Grvt has announced a strategic partnership with issuer Ondo Finance. Over the next twelve months, the exchange intends to grow its position in the tokenized product USDY to $100 million. This is not just a number — it is a signal that institutional players are beginning to view RWA instruments as a full-fledged element of their liquidity strategy.
Partnership Mechanics and the Role of USDY
An annual percentage 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 integrations with protocols like Aave to generate additional passive income. In essence, Grvt rewards clients for the liquidity they provide, and tokenized treasury bonds become a reliable anchor for this yield.
According to data from the analytics platform RWA.xyz, Ondo's total assets under management (AUM) currently stand at approximately $2.59 billion. The bulk of this is in USDY — $2.1 billion distributed across eight networks. The remaining $500 million is in OUSG, available only to qualified investors from the United States. Grvt's planned position of $100 million would represent roughly 3.8% of USDY's current AUM — a substantial share capable of influencing market dynamics.
Infrastructural Shift in DeFi
This partnership is a vivid illustration of a broader trend: tokenized treasury bonds are ceasing to be merely an investment product and are becoming a foundational infrastructure layer for decentralized finance. For Ondo, this also addresses a key distribution problem, which is a bottleneck in scaling USDY. The integration with Grvt Earn allows for expanded reach without the need for direct retail market access.
Grvt, built on the ZKsync L2 solution, raised $19 million in a Series A round in September 2025, and conducted the TGE of its GRVT token on July 30, 2026. The platform is confidently gaining momentum, and this move looks like a logical continuation of its expansion.
Coinbase and a New Hub in the UAE
In parallel, another industry giant, Coinbase, is strengthening its position in the Middle East. On August 11, the company announced the opening of an international tokenization hub in Abu Dhabi. This became possible after obtaining a financial services license from the Financial Services Regulatory Authority of the Abu Dhabi Global Market. Coinbase intends to use this status to offer digital securities backed by underlying equities.
This move is part of a global trend in which traditional asset managers and banks are actively moving funds, bonds, and equities onto blockchain rails. Proponents of the technology see this as a way to simplify round-the-clock transfer of securities, ensure instant settlement of trades, and use them as collateral in on-chain markets. The new division in Abu Dhabi will operate in parallel with Coinbase's derivatives business in Dubai, forming two anchor bases for international expansion beyond the United States.
It is worth recalling that in August, Ondo Finance saw a conflict erupt over control of the project following the death of its founder, adding a certain degree of turbulence to the growth story of this segment.
My view: we are witnessing the convergence of traditional finance and DeFi. The actions of Grvt and Coinbase are not merely speculative moves but the building of long-term infrastructure. The only question is how quickly regulators in other jurisdictions can adapt to this new reality so as not to fall behind the leaders.