The RWA market is gaining momentum: Grvt strengthens its position in tokenized Treasury bonds, Coinbase establishes a foothold in the UAE.
The real-world asset (RWA) tokenization sector continues to show explosive growth, and recent events 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 significant step toward integrating institutional instruments into the DeFi ecosystem.
Grvt bets on yield
A key element of this deal is a built-in annual percentage yield (APY) of 3.5%. This metric will be integrated into a single base rate that users already receive through the Grvt Earn service. In addition to the partnership with Ondo, the platform also leverages an integration with the Aave protocol to generate passive income. In essence, Grvt is creating an attractive reward model for providing liquidity, which could significantly boost the platform's appeal to large investors.
According to my data, Ondo Finance's total assets under management (AUM) currently stand at approximately $2.59 billion. The bulk of funds are distributed across two flagship products: USDY, backed by short-term U.S. Treasury bonds and bank deposits, with an AUM of $2.1 billion across eight networks, and OUSG, available only to qualified U.S. investors, with $500 million. Thus, Grvt's planned $100 million position would account for roughly 3.8% of the current USDY volume—this is not just a speculative purchase but the formation of a strategic reserve.
Tokenized bonds as a new infrastructure layer
This partnership is a vivid 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 is a bottleneck in scaling USDY. The integration with Grvt Earn is an elegant way to expand 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. In September 2025, the platform raised $19 million in a Series A round, and on July 30, 2026, the GRVT token TGE took place. This is a young but ambitious player clearly targeting the institutional segment.
Coinbase expands its sphere of influence
In parallel, Coinbase is taking a significant step in its international expansion. On August 11, the exchange's management announced the opening of an international tokenization hub in Abu Dhabi. The company received a financial services permit from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM). This will allow Coinbase to offer digital securities backed by underlying shares, opening new horizons for bringing traditional financial instruments onto the blockchain beyond the U.S.
This move looks particularly timely amid growing interest from traditional asset managers and banks, which are actively moving funds, bonds, and private credit onto blockchain rails. The new structure in Abu Dhabi will operate in parallel with Coinbase's derivatives business in Dubai, creating two anchor bases in the UAE to bypass the American market.
My take: The actions of Grvt and Coinbase on the same day are not a coincidence but a marker of market maturity. We are witnessing a transition from pilot projects to large-scale financial operations. However, it is worth remembering that amid such a boom, Ondo Finance recently saw a conflict erupt over control of the project following the founder's death. This is a reminder that even in the most promising sectors, operational and governance risks persist, which investors cannot afford to ignore.