RWA market is gaining momentum: Grvt invests $100 million in tokenized Treasury bonds, Coinbase establishes itself in the UAE
The real-world asset (RWA) tokenization sector continues to demonstrate explosive growth, and recent developments clearly confirm this. Hybrid CeDeFi platform Grvt has 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 product to an impressive $100 million.
This move is not just a targeted investment, but part of a broader strategy. A yield of 3.5% per annum (APY) will be integrated into the base rate that users already receive through the Grvt Earn service, including through integration with the Aave protocol. Essentially, the platform is creating a liquidity provision reward mechanism where deposits automatically generate passive income.
The Scale of Ondo Finance
According to current RWA.xyz data, Ondo's total assets under management (AUM) amount to approximately $2.59 billion. The key growth driver remains USDY — a tokenized instrument backed by short-term U.S. Treasury bills and bank deposits. It accounts for about $2.1 billion, distributed across eight blockchain networks. The remaining $500 million is attributed to the OUSG product, available exclusively to qualified U.S. investors.
Grvt's planned $100 million position would constitute roughly 3.8% of USDY's current AUM. This is a serious commitment that underscores a paradigm shift: tokenized Treasury bills are ceasing to be merely an investment tool and are becoming foundational infrastructure for DeFi platforms. For Ondo, this solves the critical problem of distribution, while for Grvt, it is a way to offer clients institutional-grade yields.
It is worth recalling that Grvt is built 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.
Coinbase Expands Its Footprint
In parallel, another industry giant, Coinbase, is betting on the Middle East. The company has announced the opening of an international tokenization hub in Abu Dhabi, having obtained the relevant license from the Financial Services Regulatory Authority of the International Financial Centre. This will allow the exchange to offer digital securities backed by underlying equities outside the U.S. jurisdiction.
This step is a logical response to growing demand from traditional financial institutions that are actively moving funds, bonds, and equities onto blockchain rails. The new division will operate in parallel with Coinbase's derivatives business in Dubai, forming two strategic anchor points in the UAE.
My take: The actions of Grvt and Coinbase are clear confirmation that tokenization is emerging from the pilot project stage. We are witnessing market consolidation, where major players are building institutional infrastructure. However, it is worth remembering the recent conflict within Ondo Finance over control of the project — a reminder that even in fast-growing sectors, corporate risks persist that investors cannot afford to ignore.