Grvt targets $100 million USDY position in Ondo Finance tie-up

Grvt plans to back its Grvt Earn yield product with up to $100 million in Ondo Finance's tokenized Treasury note USDY over the next year.

CeDeFi trading platform Grvt plans to build a $100 million position in Ondo Finance's tokenized Treasury product USDY over the next 12 months, folding the returns into the base yield its users already earn.

"We built Grvt Earn so users can keep their capital productive without having to manage the financial plumbing underneath it," Hong Yea, chief executive of Grvt, said. "Together, we are creating a model where one balance can draw from multiple financial markets while remaining ready to trade."

USDY is a tokenized secured note backed mainly by short-term U.S. Treasurys, Treasury-focused exchange-traded funds and bank deposits. The product holds about $2.14 billion in assets under management across roughly 15,626 holders, according to data cited by Grvt, making a fully deployed $100 million position equal to about 4.6 percent of that total. At USDY's current annual percentage yield of roughly 3.5 percent, the allocation could generate about $3.5 million in annualized gross yield.

Grvt will hold and manage USDY on its own balance sheet rather than distribute the token to users, combining the returns with platform revenue and Aave lending that already support Grvt Earn. The deal adds another distribution channel for Ondo as tokenized U.S. Treasurys have become one of the largest segments of the real-world asset market, worth roughly $15 billion of the $31 billion to $34 billion in tokenized RWAs excluding stablecoins by May 2026.

Ondo expands Treasury products across chains

The agreement extends Ondo's push to bring traditional securities onchain. USDY has previously been used in DeFi campaigns, including a liquidity incentive program with NAVI Protocol on Sui in February 2025. Ondo also operates OUSG, its tokenized short-term U.S. government Treasury product, which was used in an institutional settlement test on the XRP Ledger involving JPMorgan, Mastercard and Ripple in May.

Ondo has since moved beyond Treasurys. In June, it brought 35 tokenized U.S. stocks and ETFs, including SPY, QQQ, Nvidia, Tesla and Alphabet, to Hyperliquid's HyperEVM, with its Ondo Global Markets platform holding more than $970 million in total value locked and nearly $18 billion in cumulative trading volume at the time.

Tokenized Treasurys anchor the RWA market

Grvt's planned allocation comes as onchain fixed income has become one of the more established areas of tokenization. BlackRock's BUIDL and Franklin Templeton's BENJI money market funds lead the segment, and firms from JPMorgan to WisdomTree have launched or expanded tokenized Treasury products.

For Grvt, the deal follows a $19 million Series A raise in September 2025 for its zero-knowledge-powered decentralized exchange on ZKsync, which combines centralized trading infrastructure with onchain settlement and self-custody. The platform recently released its own token as it built out Grvt Earn alongside its exchange.

The $100 million target reflects the scale at which Grvt expects tokenized assets to underpin everyday onchain financial products, Yea said, tying the platform's yield product to institutional-grade U.S. Treasury exposure without requiring users to manage the underlying asset.

This article is for informational purposes only and does not constitute investment advice.