RWA expansion is gaining momentum: Grvt strengthens its position in USDY by $100 million, while Coinbase establishes a foothold in Abu Dhabi
The real-world asset (RWA) tokenization sector continues to show impressive momentum, attracting increasingly larger players. This time, the spotlight is on the hybrid CeDeFi platform Grvt, which 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.
Partnership Mechanics and Yield
The key element of the deal is the integration of an annual percentage yield (APY) of 3.5% into the unified base rate of Grvt Earn. This is not an isolated product but part of a comprehensive reward system for providing liquidity. In addition to Ondo, the platform already uses integrations with protocols like Aave, allowing users to earn passive income from multiple sources at once. In essence, Grvt is creating an aggregated yield product where tokenized U.S. Treasury bonds serve as a reliable base layer.
The scale of Grvt's ambitions becomes clear when looking at the numbers. 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. The remaining $500 million is the OUSG product, available only to qualified investors from the U.S. Thus, Grvt's planned position is equivalent to roughly 3.8% of USDY's current AUM — a serious statement capable of noticeably impacting the token's liquidity and distribution.
This partnership is a vivid marker of the market's evolution. Tokenized Treasury bonds are ceasing to be just an investment tool for conservative portfolios. They are transforming into an infrastructure layer for DeFi platforms, providing stable returns and reducing volatility. For Ondo, this solves the critical problem of distribution — the main bottleneck in scaling USDY. The integration with Grvt Earn allows for expanding reach without the costly entry into the retail market, leveraging the exchange's existing user base.
It is worth recalling that Grvt is built on the ZKsync L2 solution. The project raised $19 million in a Series A round in September 2025, and the GRVT token TGE took place on July 30, 2026. This is a relatively young but rapidly growing player, and such partnerships strengthen its position.
Coinbase and Its Middle East Foothold
In parallel, another industry giant, Coinbase, is expanding its geographic influence in the RWA segment. 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. The license is expected to allow Coinbase to offer digital securities backed by underlying equities.
This move is a logical continuation of the company's strategy to bring traditional assets onto the blockchain outside the U.S. The new division will operate in parallel with Coinbase's derivatives business in Dubai, forming two anchor points in the UAE for international expansion. Amid growing interest from banks and asset managers in tokenizing funds, bonds, and private credit, a presence in this region is becoming critically important for global ambitions.
However, internal complications are not absent. In August, information emerged about a conflict over control of Ondo Finance following the death of its founder. Such corporate risks are an inevitable part of the industry's maturation, and the developments at Ondo deserve close attention.
My take: The actions of Grvt and Coinbase confirm that RWA is not a temporary hype but a fundamental trend. We are witnessing a transition from pilot projects to large-scale integrations, where tokenized assets become core infrastructure. The only question is who will manage to secure key positions before the market fully consolidates.