CeDeFi exchange Grvt, with international reach, has announced a partnership with RWA issuer Ondo Finance. Over the next year, the exchange plans to build a $100 million position in the tokenized product USDY.
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
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, including integration with Aave. Essentially, the platform rewards users for providing liquidity: once a deposit is made, the client begins to earn passive income.
According to RWA.xyz, Ondo’s total assets under management (AUM) currently amount to approximately $2.59 billion, distributed across two main products:
- USDY — $2.1 billion (across 8 networks);
- OUSG (available only to qualified U.S. investors) — $500 million.
USDY is a tokenized instrument backed by short-term U.S. Treasury bonds and bank deposits. Grvt’s planned $100 million position will represent 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 also addresses the distribution challenge—a bottleneck in scaling USDY. Integration with Grvt Earn is one way 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 round. On July 30, 2026, the TGE of the GRVT token took place.
Another player in the RWA segment, crypto exchange Coinbase, is gradually expanding its geographical influence, particularly addressing the transfer of traditional securities to blockchain outside the U.S.
On August 11, the company announced the opening of an international tokenization hub in Abu Dhabi after receiving a financial services license from the Abu Dhabi Global Market’s Financial Services Regulatory Authority.
Coinbase plans to use the license to offer digital securities backed by underlying stocks.
This move comes amid the growing popularity of tokenization in the traditional financial sector, with global asset managers and banks actively transferring funds, bonds, private lending, and stocks to blockchain rails. Proponents of the technology see it as a way to simplify 24/7 securities transfers, ensure near-instant settlement of transactions, and ultimately use them as collateral in on-chain markets.
The new unit in Abu Dhabi will operate alongside Coinbase’s derivatives business in Dubai, giving the company two strategic bases in the UAE for international expansion beyond the American market.
Earlier in August, a conflict emerged in Ondo Finance over control of the project following the founder’s death.
