Grvt, a CeDeFi exchange with a global reach, has announced a partnership with RWA issuer Ondo Finance, planning to establish a $100 million position in the tokenized product USDY over the next year.

100M.

That's the target. We're scaling our USDY position to $100M within a year, backing Grvt Earn with institutional-grade US Treasuries through our partnership with @Ondo https://t.co/7akCIeLFVP

— Grvt (@grvt_io) August 11, 2026

The annual percentage yield (APY) of 3.5% will be integrated into a unified base rate that users already receive through Grvt Earn, alongside other sources such as integration with Aave. Essentially, the platform rewards users for providing liquidity: after making a deposit, clients begin earning passive income.

According to RWA.xyz, as of this writing, Ondo's total assets under management (AUM) stand at approximately $2.59 billion, distributed across two primary products:

  • USDY — $2.1 billion (8 networks);
  • OUSG (available only to qualified investors in the U.S.) — $500 million.

USDY is a tokenized instrument backed by short-term U.S. bonds and bank deposits. Grvt's planned $100 million position would represent about 3.8% of the current AUM of USDY.

Top 10 asset management companies in the RWA sector. Source: RWA.xyz.

This partnership highlights a broader trend where tokenized treasury bonds are evolving from investment products into an infrastructure layer for DeFi platforms.

For Ondo, this also addresses the distribution challenge — a bottleneck in scaling USDY. The integration with Grvt Earn is one method to expand reach without directly entering the retail market.

Grvt operates on the L2 network ZKsync. In September 2025, the platform raised $19 million in a Series A funding round. On July 30, 2026, the TGE of the GRVT token took place.

Total value locked (TVL) of the Grvt project. Source: DeFiLlama.

Meanwhile, another player in the RWA segment, the cryptocurrency exchange Coinbase, is gradually expanding its geographical influence by addressing the transfer of traditional securities to blockchain outside the U.S.

On August 11, the company announced the establishment of an international tokenization hub in Abu Dhabi after receiving financial activity approval from the Abu Dhabi Global Market Financial Services Regulatory Authority.

Coinbase intends to utilize this license to offer digital securities backed by underlying stocks.

This move comes amid a growing interest in tokenization within the traditional financial sector, as global asset managers and banks actively transition funds, bonds, private loans, and equities to blockchain. Proponents of the technology view it as a means to simplify around-the-clock securities transfer, provide nearly instant settlement on trades, and ultimately use them as collateral in on-chain markets.

The new division in Abu Dhabi will operate alongside Coinbase's derivatives business in Dubai, thus giving the company two bases in the UAE for international expansion beyond the U.S. market.

It is noteworthy that in August, a conflict arose within Ondo Finance regarding control of the project following the founder's death.