The RWA sector is gaining momentum: Grvt expands its position in USDY by $100 million, and Coinbase establishes itself in Abu Dhabi
The market for tokenization of real-world assets (RWA) continues to demonstrate impressive momentum, and recent events only confirm this. CeDeFi platform Grvt has announced a strategic partnership with issuer Ondo Finance, through which it intends to grow its position in the tokenized product USDY to $100 million over the next year. This is not just a number — it is a signal that institutional players are beginning to view RWA instruments not as an experiment, but as a full-fledged element of their financial infrastructure.
Partnership mechanics and yield
The key element of the deal is the integration of an annual percentage yield (APY) of 3.5% into the base rate of Grvt Earn. Platform users making deposits will receive passive income derived from multiple sources, including the existing integration with the Aave protocol. In effect, Grvt is creating a hybrid model where traditional yield from U.S. Treasury bonds is combined with DeFi lending opportunities.
According to data from the analytics platform RWA.xyz, Ondo Finance currently manages approximately $2.59 billion. An analysis of the asset structure shows that the bulk is concentrated in USDY — $2.1 billion, distributed across eight networks. The remaining $500 million is in the OUSG product, available exclusively to qualified investors from the United States. Grvt's planned position of $100 million would account for roughly 3.8% of the current USDY volume — a substantial share capable of influencing the instrument's liquidity.
Strategic context
This partnership is a vivid example of how tokenized Treasury bonds are evolving from a niche investment product into a foundational infrastructure layer for DeFi platforms. For Ondo Finance, this solves the critical distribution problem that has long constrained the scaling of USDY. The integration with Grvt Earn allows for expanded reach without the need for a direct push into the retail market.
Grvt, built on the ZKsync L2 solution, raised $19 million in a Series A round in September 2025, and the TGE of the GRVT token took place on July 30, 2026. The project is steadily moving toward building a full-fledged financial ecosystem.
Coinbase expands its footprint
In parallel, Coinbase is taking a significant step in its international expansion. On August 11, the company announced the opening of a tokenization hub in Abu Dhabi, having obtained the corresponding license from the Financial Services Regulatory Authority of the International Financial Centre. Through this entity, Coinbase plans to offer digital securities backed by underlying equities.
This move is a direct consequence of growing demand from traditional financial institutions, which 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 anchor points for expansion beyond the U.S. market.
My analysis: The actions of Grvt and Coinbase point to the formation of a sustained trend: the RWA sector is transitioning from the pilot project stage to large-scale adoption. However, it is worth remembering that amid these positive developments, Ondo Finance recently saw a conflict erupt over control of the project following the death of its founder — a reminder that even in fast-growing segments, significant governance risks remain.