RWA Expansion: Grvt Strengthens Position in USDY by $100 Million, and Coinbase Opens Tokenization Hub in Abu Dhabi
The real-world asset (RWA) tokenization sector continues to gain momentum, and recent developments clearly confirm this. Hybrid CeDeFi platform Grvt has officially 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 an important step in strengthening its yield.
Partnership Mechanics and Figures
An annual percentage yield (APY) of 3.5% will be integrated into the base rate that Grvt Earn users already receive from other sources, including integration with the Aave protocol. Essentially, the platform incentivizes liquidity provision: after making a deposit, clients automatically begin earning passive income, making the product more attractive to institutional and retail participants.
According to current data from the analytics platform RWA.xyz, Ondo Finance's total assets under management (AUM) stand at approximately $2.59 billion. These funds are distributed across two key products: USDY, backed by short-term U.S. Treasury bonds and bank deposits, with a figure of $2.1 billion (deployed across 8 networks), and OUSG, available only to qualified U.S. investors, with a volume of $500 million. Grvt's planned $100 million position would represent roughly 3.8% of USDY's current AUM — a substantial share capable of impacting the instrument's liquidity.
The Trend Toward an Infrastructure Layer
This partnership is a clear indicator of a broader trend: tokenized Treasury bonds are ceasing to be merely an investment product and are transforming into a foundational infrastructure layer for DeFi platforms. For Ondo, this also addresses the distribution problem, which has long been a bottleneck in scaling USDY. The integration with Grvt Earn allows for expanded reach without directly entering the retail market, which is a savvy tactical move.
It's worth recalling that Grvt operates on the ZKsync L2 solution. In September 2025, the platform raised $19 million in a Series A round, and on July 30, 2026, the GRVT token TGE took place. These events underscore the project's ambition to carve out its niche in the CeDeFi space.
Coinbase Strengthens Its Position in the Middle East
Meanwhile, another major player, Coinbase, is ramping up its tokenization expansion outside the U.S. On August 11, the exchange's management announced the opening of an international tokenization hub in Abu Dhabi. This became possible after obtaining a financial services license from the Financial Services Regulatory Authority of the Abu Dhabi Global Market. Coinbase intends to use this authorization to offer digital securities backed by underlying equities.
This move comes amid growing interest from traditional financial institutions in blockchain rails. Major banks and asset managers are actively moving funds, bonds, and private credit instruments into on-chain formats. Proponents of the technology see this as a way to simplify round-the-clock asset transfer, ensure instant settlement of transactions, and use them as collateral on decentralized markets. The new Abu Dhabi unit will operate in parallel with Coinbase's derivatives business in Dubai, forming two anchor bases for international expansion bypassing the U.S. market.
It's worth noting that Ondo Finance recently faced internal challenges — in August, a conflict erupted over control of the project following the founder's death. Nevertheless, current partnerships show that the business continues to operate and develop.
My take: we are witnessing consolidation in the RWA sector, where major exchanges and issuers are beginning to forge mutually beneficial alliances. Integrating Treasury tokens into CeDeFi platforms' yield products is a natural evolutionary step that could attract significant institutional capital seeking stable returns on the blockchain.