The RWA market is gaining momentum: Grvt invests $100 million in Ondo tokens, Coinbase establishes itself in the UAE
The real-world asset (RWA) tokenization sector continues to demonstrate explosive growth, attracting increasingly larger players. This week, we are witnessing two landmark events that confirm the market's maturity: the hybrid CeDeFi platform Grvt announced a large-scale expansion into tokenized products, while Coinbase is making a strategic bet on the Middle East.
Grvt and Ondo: A Bet on Institutional US Treasuries
The key news was the partnership between the exchange Grvt and the RWA instrument issuer Ondo Finance. Over the next twelve months, Grvt intends to grow its position in the tokenized product USDY to $100 million. These funds will be used to back the yield of the Grvt Earn product, which already offers users an annual percentage yield (APY) of 3.5%. The base rate will be consolidated with other income sources of the platform, including integration with the Aave protocol.
According to my data, based on RWA.xyz analytics, Ondo Finance's total assets under management (AUM) amount to approximately $2.59 billion. The bulk of this is in USDY — $2.1 billion, distributed across eight blockchain networks. The remaining $500 million is in the OUSG product, available exclusively to accredited investors from the US. Thus, Grvt's planned position is equivalent to nearly 3.8% of the current USDY AUM, making this deal one of the largest in the history of the CeDeFi segment.
The Strategic Significance of the Alliance
This partnership is not just a financial transaction, but an indicator of a deep transformation of the market. Tokenized US Treasury bonds are ceasing to be a niche investment product and are becoming core infrastructure for DeFi platforms. For Ondo, this solves the critical distribution problem that has long constrained USDY's scaling. The integration with Grvt Earn allows for expanding reach without directly entering the retail market, which is especially important amid tightening regulation.
Let me remind you that Grvt operates on the ZKsync L2 solution and raised $19 million in a Series A round in September 2025. The GRVT token underwent its listing (TGE) on July 30, 2026.
Coinbase Chooses Abu Dhabi
In parallel, Coinbase announced the opening of an international tokenization hub in Abu Dhabi. The company received a financial services license from the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM). This will allow the exchange to offer digital securities backed by underlying shares outside the US jurisdiction.
Coinbase's decision is a direct response to growing demand from traditional financial institutions. Banks and asset managers are increasingly moving funds, bonds, and private credit instruments onto blockchain rails. The technology promises 24/7 asset transfer, instant settlement, and the ability to use securities as collateral in on-chain protocols.
The new division in Abu Dhabi will operate in parallel with Coinbase's derivatives business in Dubai. Thus, the UAE is becoming a key springboard for the American giant's global expansion, confirming the region's status as one of the world's leading crypto hubs.
My comment: These two events are a clear signal that the RWA market is moving from pilot projects to large-scale adoption. However, it is worth remembering the risks: concentrating $100 million in a single tokenized product creates new systemic interconnections that could become a source of volatility in the event of stress in the Treasury market.