RWA race accelerates: Grvt strengthens its position in tokenized Treasury bonds, while Coinbase establishes a foothold in the UAE
The real-world asset (RWA) tokenization sector continues to demonstrate explosive growth, and recent developments only confirm this. Hybrid CeDeFi platform Grvt has announced a strategic partnership with tokenized asset issuer Ondo Finance. Over the next twelve months, the exchange intends to grow its position in the USDY product to $100 million, marking a serious bet on institutional demand.
The essence of the deal is simple and elegant: an annual yield (APY) of 3.5% from tokenized treasury bonds will be integrated into the base rate of Grvt Earn. This means that platform users will be able to earn passive income not only by providing liquidity in DeFi protocols like Aave, but also through conservative instruments backed by U.S. government debt.
Ondo's scale and Grvt's ambitions
At the time of analysis, Ondo Finance's total assets under management (AUM) stand at approximately $2.59 billion. The key growth driver remains USDY — a tokenized product backed by short-term U.S. bonds and bank deposits. It accounts for about $2.1 billion, distributed across eight blockchain networks. The second product, OUSG, available only to qualified U.S. investors, accumulates another $500 million.
Grvt's planned $100 million position is not just a number. It represents roughly 3.8% of current USDY AUM, making the exchange one of the largest holders of this instrument. For Ondo, this solves a critical distribution problem: instead of directly reaching the retail market, the company gains access to liquidity through platforms like Grvt.
It is worth noting that Grvt, built on the ZKsync L2 solution, is no newcomer to raising capital. In September 2025, the platform closed a Series A round of $19 million, and on July 30, 2026, it conducted the TGE of its GRVT token. This alliance looks like a logical step to strengthen its position in the rapidly growing segment.
Coinbase: a new hub in Abu Dhabi
In parallel, American giant Coinbase is betting on the Middle East. The company's management has announced the opening of an international tokenization hub in Abu Dhabi, having obtained a license from the Financial Services Regulatory Authority of the International Financial Centre. This will allow the exchange to offer digital securities backed by underlying equities outside U.S. jurisdiction.
This move is part of a global trend where traditional financial institutions are actively moving funds, bonds, and stocks onto blockchain rails. The technology promises to simplify around-the-clock settlements and make securities liquid collateral in on-chain markets. The new Abu Dhabi division will work in conjunction with Coinbase's derivatives business in Dubai, forming two key anchor points for expansion beyond the American market.
Against the backdrop of these positive developments, one should not forget the recent conflict over control of Ondo Finance following the death of its founder — a reminder that even the most successful projects retain corporate risks.
My view: The integration of tokenized treasury bonds into CeDeFi exchange yield products is a bridge that finally blurs the line between TradFi and DeFi. Coinbase's move to the UAE is not just geographic expansion, but a strategic retreat from regulatory uncertainty in the U.S. in favor of more flexible jurisdictions. Over the next two years, we will witness RWA becoming the de facto standard for institutional on-chain finance.