Grvt plans $100 million USDY position with Ondo Finance

Grvt aims to establish a $100 million position in Ondo's yield-bearing USDY over the next year. USDY is a tokenized secured note primarily backed by short-term U.S. Treasurys. Grvt will integrate USDY into Grvt Earn, managing the asset on its balance sheet to allow users to benefit from a 3.5% yield without needing to hold the token. CEO Hong Yea stated that Grvt Earn enables users to keep their capital productive while accessing multiple financial markets. USDY, with approximately 2.14 billion USD in assets under management and around 15,626 holders, is the third-largest tokenized product of its kind. Grvt's $100 million allocation would represent about 4.6% of USDY's current AUM and enhance existing yield sources for Grvt Earn. This initiative aligns with a growing trend of firms entering onchain fixed-income markets, following products from major firms like BlackRock and JPMorgan. Grvt operates as a hybrid decentralized exchange on Ethereum's ZKsync layer and raised 19 million USD in Series A funding last September.

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