CeDeFi exchange with a global presence, Grvt, has announced a partnership with RWA issuer Ondo Finance: over the next year, the exchange intends to build a $100 million position in the tokenized product $USDY.
100M.
— Grvt (@grvt_io) August 11, 2026
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
An 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—particularly through integration with Aave. Essentially, the platform rewards users for providing liquidity: after making a deposit, the client begins earning passive income.
According to RWA.xyz, as of the time of writing, the total AUM of the Ondo platform is approximately $2.59 billion, distributed between two main products:
- $USDY — $2.1 billion (8 networks);
- OUSG (available only to accredited investors in the US) — $500 million.
$USDY is a tokenized instrument backed by short-term US Treasuries and bank deposits. Grvt's planned $100 million position will constitute about 3.8% of the current $USDY AUM.
The partnership reflects a broader trend: tokenized Treasury bonds are evolving from an investment product into an infrastructure layer for DeFi platforms.
For Ondo, this is also a solution to the distribution problem—a bottleneck in scaling $USDY. Integration with Grvt Earn is one way to expand reach without directly targeting the retail market.
Grvt operates on the ZKsync L2 network. In September 2025, the platform raised $19 million in a Series A funding round. The GRVT token TGE occurred on July 30, 2026.
Another player in the RWA segment, crypto exchange Coinbase, is gradually expanding its geographical reach: in particular, it is addressing the issue of moving traditional securities onto the blockchain outside the US.
On August 11, the company's leadership announced the opening of an international tokenization hub in Abu Dhabi after receiving a Financial Services Permission (FSP) license from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority.
Coinbase plans to use the license to offer digital securities backed by underlying equities.
This step comes amid growing popularity of tokenization in the traditional financial sector: global asset managers and banks are actively moving funds, bonds, private credit, and stocks onto blockchain rails. Proponents of the technology see it as a way to simplify 24/7 transfer of securities, ensure near-instantaneous trade settlement, and ultimately use them as collateral in on-chain markets.
The new subsidiary in Abu Dhabi will operate in parallel with Coinbase's derivatives business in Dubai. Thus, the company now has two footholds in the UAE for international expansion beyond the American market.
Recall that in August, news emerged of a conflict within Ondo Finance over control of the project following the death of its founder.
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