TL;DR:
- Grvt partners with Ondo Finance to build a $100 million position in USDY, the tokenized bond backed by U.S. Treasury securities.
- The platform will integrate USDY into Grvt Earn and manage the asset on its own balance sheet, channeling an approximate 3.5% yield into its users’ base rate.
- With full deployment, the position would represent approximately 4.6% of USDY’s current AUM, which stands at around $2.14 billion according to RWA.xyz.
Grvt, the CeDeFi platform operating as a hybrid decentralized exchange built on ZKsync, Ethereum’s scalability layer, announced a partnership with Ondo Finance to build a $100 million position in USDY over the next year. The deal represents a major step toward integrating tokenized fixed income into everyday financial products on the blockchain.
Grvt: Generating Yields Without the Hassle
The core mechanism of the agreement involves integrating USDY into Grvt Earn, the platform’s yield product. The platform will manage the asset directly on its own balance sheet, meaning users do not need to acquire or manage the token themselves. The returns generated are channeled into the single base rate that users already receive, adding to other sources such as platform revenues and lending through Aave.
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
“We built Grvt Earn so users can keep their capital productive without having to manage the underlying financial plumbing,” said Hong Yea, CEO of the company. “Together we are creating a model where a single balance sheet can draw from multiple financial markets and, at the same time, be ready to trade.”
USDY is a secured tokenized note backed primarily by short-term U.S. Treasury bonds, Treasury-linked ETF holdings, and bank deposits. It currently ranks third among tokenized products in its category, with approximately $2.14 billion under management and around 15,626 holders, according to data from RWA.xyz. With a current APY of around 3.5%, a fully deployed position of $100 million would generate approximately $3.5 million in annualized gross yield.
The Tokenized Fixed Income Market Goes Mainstream
Many firms are betting on on-chain fixed income markets, a segment that has established itself as one of the most mature within tokenization. Products such as BlackRock’s BUIDL and Franklin Templeton’s BENJI money market funds led the way, and Wall Street firms such as JPMorgan and WisdomTree have launched or expanded their own tokenized Treasury offerings.
Grvt, which raised $19 million in a Series A round last September and recently launched its own token, seals this partnership as a scale bet aimed at demonstrating that tokenized assets can underpin everyday financial products on the blockchain.
