RWA race accelerates: Grvt strengthens positions in Ondo tokens, Coinbase establishes itself in Abu Dhabi
The real-world asset (RWA) tokenization sector continues to show explosive growth, and recent developments only confirm this. Grvt, a hybrid exchange combining CeFi and DeFi principles, has announced a strategic partnership with tokenized asset issuer Ondo Finance. Over the next twelve months, the platform intends to grow its position in the USDY product to $100 million.
What this means for the market
A yield of 3.5% per annum (APY) will be integrated into the base rate that users already receive through the Grvt Earn product. This is an addition to existing income sources, including integration with the Aave protocol. Essentially, the platform monetizes its clients' liquidity by offering passive earnings on deposited funds.
Currently, 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 exclusively to qualified investors from the U.S. Grvt's planned $100 million position is about 3.8% of the current USDY volume, making the exchange one of the largest holders of this instrument.
An infrastructural shift
This partnership is not just another deal but a marker of an important trend. Tokenized treasury bonds are ceasing to be a niche investment product and are becoming a fundamental infrastructural layer for DeFi platforms. For Ondo, this is also an elegant solution to the distribution problem — a key bottleneck in scaling. Integration with Grvt Earn allows for expanding reach without needing to enter the retail market directly.
Grvt is based on the ZKsync L2 solution. Recall that in September 2025, the project raised $19 million in a Series A round, and on July 30, 2026, the TGE of the native GRVT token took place.
Coinbase goes East
In parallel, Coinbase is making a serious bet on the Middle East. The exchange's management has 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 company plans to use the permit to issue digital securities backed by underlying equities.
This move is part of a global expansion amid growing interest from traditional financial giants in blockchain rails. Banks and asset managers are actively moving funds, bonds, and private credit instruments on-chain. The new structure in Abu Dhabi will operate in parallel with Coinbase's derivatives business in Dubai, creating two powerful footholds in the UAE.
My take: We are witnessing market consolidation, where major players are not just experimenting with RWA but building entire ecosystems around them. The integration of tokenized treasury bonds into exchanges' yield products is a bridge between traditional finance and DeFi that will inevitably lead to an influx of institutional capital. The only question is who will manage to secure the best positions before this trend becomes mainstream.