Grvt announces a $100 million investment in Ondo's USDY tokens, enhancing its DeFi services as Coinbase expands its operations in the UAE.
Grvt, a global CeDeFi exchange, has partnered with Ondo Finance to invest $100 million in the tokenized product USDY over the next year. This strategic move aims to enhance Grvt Earn by integrating institutional-grade U.S. Treasuries.
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.
— Grvt (@grvt_io) August 11, 2026
The investment will allow users to earn an annual percentage yield (APY) of 3.5%, integrated with other liquidity sources such as Aave, enabling clients to earn passive income from their deposits.
As of now, Ondo Finance manages approximately $2.59 billion in assets, including $2.1 billion in USDY and $500 million in OUSG, which is available to qualified U.S. investors. Grvt's investment would represent around 3.8% of USDY's current assets under management.
This collaboration reflects a growing trend where tokenized treasury bonds are becoming essential for DeFi platforms, while also helping Ondo tackle distribution challenges without directly engaging in retail markets.
Grvt operates on the ZKsync L2 network and recently raised $19 million in a Series A funding round. The GRVT token was launched on July 30, 2026. Meanwhile, Coinbase is enhancing its presence in the RWA sector by establishing a tokenization hub in Abu Dhabi after securing regulatory approval.
Coinbase's new hub will allow it to offer digital securities backed by traditional stock, addressing increasing interest in tokenization across the financial sector. This initiative is part of a larger trend where asset managers and banks are transitioning various assets to blockchain technology for improved efficiency in securities transfer and trade settlement.
Coinbase's operations in Abu Dhabi complement its derivatives business in Dubai, marking a significant step in its international expansion strategy.
Notably, Ondo Finance faced internal challenges recently following the death of its founder, raising questions about the project's future management.
