The RWA market is gaining momentum: Grvt is strengthening its position in tokenized treasury bonds, while Coinbase is establishing a foothold in the UAE.
The real-world asset (RWA) tokenization sector continues to show impressive momentum, attracting more institutional players. This time, the spotlight is on the hybrid CeDeFi platform Grvt, which announced a strategic partnership with tokenized asset issuer Ondo Finance. Over the next twelve months, the exchange intends to grow its position in the USDY tokenized product to a substantial $100 million.
This move is not just another investment but part of a well-thought-out strategy. An annual percentage yield (APY) of 3.5% will be integrated into the base rate that users already receive through the Grvt Earn service. The platform continues to develop its liquidity provision reward model, supplementing it with income from integrations with protocols like Aave. In essence, we are witnessing tokenized treasury bonds transform from a passive investment tool into an active infrastructure layer for DeFi ecosystems.
According to current RWA.xyz data, Ondo Finance's total assets under management (AUM) stand at approximately $2.59 billion. The bulk of this is in USDY — $2.1 billion distributed across eight networks, while the OUSG product, available only to qualified US investors, accumulates about $500 million. Grvt's planned $100 million position is roughly 3.8% of USDY's current AUM, making the exchange one of the largest holders of this instrument.
For Ondo, this partnership addresses the critically important challenge of distribution. The integration with Grvt Earn allows for expanded reach without the need for direct retail market access, which is especially relevant amid internal upheaval at the company following the death of its founder. Grvt, built on the ZKsync L2 solution, raised $19 million in a Series A round in September 2025, and the TGE of its GRVT token took place on July 30, 2026.
Coinbase and Its Ambitions in the Middle East
In parallel, the crypto exchange Coinbase is making a significant step in its international expansion. The company's management announced the opening of a tokenization hub in Abu Dhabi, having obtained the relevant license from the Financial Services Regulatory Authority of the International Financial Centre. This will allow Coinbase to offer digital securities backed by real shares outside the US market.
The new division will operate alongside the derivatives business in Dubai, giving the company two strategic footholds in the UAE. This decision looks timely: traditional financial giants are actively moving funds, bonds, and private lending onto blockchain rails, seeing it as a way to speed up settlements and make markets more liquid.
My take: Integrating RWA products into exchange yield strategies is a natural stage in DeFi's evolution. However, it is important to understand that reliance on US Treasury bonds makes such products sensitive to Fed interest rate policy. Nevertheless, Coinbase's move into the UAE is a signal that tokenization has ceased to be an experiment and has become part of the global financial infrastructure.