RWA race accelerates: Grvt boosts USDY position to $100M, Coinbase opens tokenization hub in Abu Dhabi
The market for tokenized real-world assets (RWA) continues to consolidate around major players, and recent events clearly confirm this. Grvt, a hybrid CeDeFi platform combining elements of centralized and decentralized finance, has officially announced a strategic partnership with RWA product issuer Ondo Finance. Over the next twelve months, the exchange intends to grow its position in the tokenized USDY instrument to $100 million.
Yield mechanics and deal scale
A key element of this integration is a built-in annual percentage yield (APY) of 3.5%, which will become part of a unified base rate for Grvt Earn users. This is not an isolated product: the platform already aggregates yield through integrations with protocols like Aave, and now adds institutional U.S. Treasury bonds to this pool. In essence, Grvt turns passive income into a standard bonus for providing liquidity, increasing the platform's appeal to large investors.
Currently, Ondo Finance's total assets under management (AUM) stand at approximately $2.59 billion, distributed across two flagship products: USDY ($2.1 billion, deployed across eight networks) and OUSG ($500 million, available only to qualified U.S. investors). Grvt's planned $100 million position represents roughly 3.8% of the current USDY volume, making the exchange one of the largest holders of this token.
This partnership is a vivid marker of the sector's maturity. Tokenized Treasury bonds are ceasing to be merely an investment tool and are transforming into an infrastructure layer for DeFi platforms. For Ondo, this solves a critical distribution problem: instead of directly reaching the retail market, the issuer gains access to liquidity through integration with Grvt Earn. In turn, Grvt, built on the ZKsync L2 solution, strengthens its status after raising $19 million in September 2025 and the recent TGE of the GRVT token, which took place on July 30, 2026.
Coinbase and the geopolitics of tokenization
In parallel, Coinbase is making a significant step in its international expansion. On August 11, the company announced the opening of a tokenization hub in Abu Dhabi, having obtained a license from the Financial Services Regulatory Authority of the International Financial Center. The new entity is expected to offer digital securities backed by underlying equities, using blockchain rails for round-the-clock settlement and simplified asset transfer.
This move looks particularly telling against the backdrop of growing interest from traditional financial giants in moving funds, bonds, and private credit into an on-chain format. The new division will operate in parallel with Coinbase's derivatives business in Dubai, creating two strategic footholds in the UAE to circumvent U.S. market restrictions.
My analysis: we are witnessing the formation of a bipolar RWA market. On one hand, DeFi-native platforms like Grvt use tokenized products to boost yields and retain users. On the other, major centralized exchanges such as Coinbase are institutionalizing this sector through regulated hubs. This means that over the next 12-18 months, competition will shift from the technology arena to the realms of distribution and regulatory compliance.