RWA race accelerates: Grvt boosts USDY position to $100M, Coinbase opens tokenization hub in Abu Dhabi
The real-world asset (RWA) tokenization sector continues to consolidate around major players, and recent events clearly confirm this. The hybrid exchange Grvt, combining features of CeFi and DeFi, has officially announced a strategic partnership with the tokenized asset issuer Ondo Finance. Over the next twelve months, the platform intends to bring its position in the USDY instrument to the $100 million mark.
Yield mechanics and position scale
A built-in annual percentage yield (APY) of 3.5% will be integrated into the base rate of the Grvt Earn product. This is an addition to existing sources of passive income, including integration with the Aave protocol. In essence, the exchange monetizes user-provided liquidity, converting deposits into a steady cash flow.
Based on my estimates, drawn from data from the RWA.xyz aggregator, Ondo's total assets under management (AUM) currently stand at approximately $2.59 billion. The breakdown is as follows:
- USDY — $2.1 billion, deployed across eight networks;
- OUSG — $500 million, available only to qualified investors from the United States.
Grvt's planned position of $100 million is roughly 3.8% of USDY's current AUM. This is not merely a speculative purchase, but a systemic bet on the infrastructural use of tokenized treasury bonds. We are witnessing a transition of these instruments from niche investments into a foundational layer for DeFi platforms.
Strategic context for Ondo and Grvt
For Ondo, this addresses a long-standing distribution problem. The integration with Grvt Earn is an elegant way to expand USDY's reach, bypassing the complexities of directly reaching the retail consumer. For Grvt, operating on the ZKsync L2 solution, this strengthens its own yield product without incurring additional operational costs.
It's worth recalling that in September 2025, the project raised $19 million in a Series A round, and on July 30, 2026, the GRVT token TGE took place. These steps are consistently building the platform's financial resilience.
Coinbase strengthens its position in the Middle East
In parallel, Coinbase is taking a significant step in its international expansion. The exchange's management has announced the opening of a specialized tokenization hub in Abu Dhabi, having obtained the relevant license from the Financial Services Regulatory Authority of the International Financial Centre. This involves offering digital securities backed by underlying equities.
This move is a direct consequence of growing demand from traditional asset managers seeking to move funds, bonds, and private credit onto blockchain rails. The new structure will operate in parallel with Coinbase's derivatives business in Dubai, forming two anchor points for expansion beyond the US market.
My view: Integrating RWA products into exchange yield strategies is an inevitable stage in market evolution. However, investors should closely monitor the liquidity and transparency of the underlying assets, especially as such instruments become mainstream. The conflict within Ondo Finance following the founder's death, which came to light in August, only underscores the importance of governance resilience in this segment.