CeDeFi trading platform Grvt has partnered with Ondo Finance to build a position of up to $100 million in the tokenization firm’s yield-bearing USDY product over the next 12 months.

According to Grvt, USDY will be integrated into Grvt Earn, where the tokenized Treasury product will become another source of returns behind the platform’s existing base yield rather than an asset users need to buy or manage directly.

Grvt plans $100 million USDY position

Under the arrangement, Grvt will hold and manage USDY on its own balance sheet, while income generated by the position will feed into the single base rate offered through Grvt Earn. The structure is designed to give users access to returns from several sources through one balance.

USDY is a tokenized secured note issued by Ondo Finance and backed primarily by short-term U.S. Treasurys, shares in Treasury-focused exchange-traded funds and bank deposits. Data cited in the announcement puts USDY’s assets under management at about $2.14 billion, with approximately 15,626 holders.

At that size, a fully deployed $100 million Grvt position would account for about 4.6% of USDY’s current assets under management. With USDY currently offering an annual percentage yield of roughly 3.5%, the allocation could produce around $3.5 million in annualized gross yield if the full amount is deployed and the rate remains at that level.

USDY accrues yield daily, and Grvt plans to combine the returns with other income already supporting Grvt Earn. Existing sources include revenue generated by the trading platform and lending activity through Aave.

Grvt CEO Hong Yea said the company designed Grvt Earn so customers could keep their capital earning returns without managing the infrastructure behind individual yield sources.

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

Rather than distributing USDY directly to Earn users, Grvt will manage the token on its balance sheet and incorporate the resulting returns into the product’s base rate. Users can therefore retain a single balance on the platform while Grvt handles the underlying allocation.

Yea said Ondo provides Grvt with access to the U.S. Treasury market through a tokenized product and linked the planned allocation size to the company’s expectations for using such assets in onchain financial services.

“Our target of building a USDY position toward $100 million reflects the scale at which we believe tokenized assets can support everyday onchain financial products,” he said.

Ondo Finance has expanded Treasury products onchain

The agreement adds another distribution channel for Ondo Finance, which has built several products that bring traditional securities onto blockchain networks.

USDY has previously been introduced into other decentralized finance markets. In February 2025, crypto.news reported on a campaign between Ondo and NAVI Protocol on Sui that used USDY as part of a liquidity incentive program. Participants could supply liquidity and qualify for rewards distributed in NAVX and USDY.

Ondo also operates OUSG, its tokenized short-term U.S. government Treasury product. Unlike USDY, which is structured as a yield-bearing secured note, OUSG provides qualified investors with tokenized exposure to short-duration U.S. government securities.

In May, an institutional settlement test involving JPMorgan, Mastercard, Ripple and Ondo used OUSG for a cross-border redemption on the XRP Ledger. The test moved the tokenized Treasury asset through blockchain infrastructure while JPMorgan’s Kinexys network handled the dollar payment to Ripple’s bank account in Singapore.

Ondo had previously expanded OUSG to the XRP Ledger in June 2025, allowing qualified purchasers to mint and redeem the product around the clock using Ripple’s RLUSD stablecoin for settlement. At the time, OUSG had more than $670 million in total value locked across supported networks.

The company has since expanded beyond Treasury products. In June, Ondo brought a group of tokenized U.S. stocks and ETFs to Hyperliquid’s HyperEVM, initially supporting 35 securities including SPY, QQQ, Nvidia, Tesla, Alphabet and Netflix. Its Ondo Global Markets platform had accumulated more than $970 million in total value locked and nearly $18 billion in cumulative trading volume at the time.

Tokenized Treasurys have become a major RWA segment

Grvt’s planned USDY allocation comes as U.S. government debt has become one of the largest categories in the tokenized real-world asset market.

As previously covered by crypto.news, the value of tokenized real-world assets excluding stablecoins reached roughly $31 billion to $34 billion by May 2026, compared with about $5.4 billion at the start of 2025. Tokenized U.S. Treasurys accounted for approximately $15 billion, while Ethereum hosted about 60% of tokenized RWA value.

Several large financial firms now operate products in the segment. BlackRock’s BUIDL is a tokenized money market fund distributed through Securitize, while Franklin Templeton’s BENJI represents shares in its OnChain U.S. Government Money Fund.

Franklin Templeton has also continued adding distribution routes for BENJI. In May, Kraken parent Payward agreed to integrate the product into its platform for collateral and cash-management uses, allowing eligible clients to put idle dollar balances into an onchain yield product.

A month later, Franklin Templeton added BENJI to MoonPay Trade, enabling institutional customers to exchange stablecoins including USDC and USDT for the tokenized fund through MoonPay’s onchain trading infrastructure.

Grvt expands after $19 million funding round

For Grvt, the Ondo deal follows a capital raise that gave the platform additional funding to develop its hybrid trading infrastructure.

In September 2025, Grvt raised $19 million in a Series A round for its zero-knowledge-powered decentralized exchange. The platform operates on ZKsync and combines elements of centralized trading infrastructure with onchain settlement and self-custody.

Grvt has positioned its architecture around privacy, security, and scalability for onchain financial markets. The September financing followed the development of its exchange infrastructure and was intended to support continued expansion of the platform.

More recently, Grvt released its own token as it continued building products around its trading and yield services. Grvt Earn now sits alongside that exchange infrastructure, with platform revenue and Aave lending already supplying parts of its yield before the planned USDY allocation is fully deployed.

The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have filed separate civil lawsuits targeting Goliath Ventures and its founder Christopher Delgado, alleging conduct consistent with a crypto Ponzi scheme that raised hundreds of millions of dollars from investors.

The SEC’s action focuses on an alleged unregistered securities offering totaling at least $425 million from more than 1,300 investors, while the CFTC says roughly 1,600 customers contributed about $397 million tied to solicitations for crypto trading in Bitcoin and Ether. The agencies are seeking remedies that include restitution, disgorgement, penalties, and permanent bans—expanding potential consequences beyond a parallel criminal case already moving through the courts.

Key takeaways

• The SEC alleges Goliath raised at least $425 million via an unregistered offering and that investor funds were not invested as promised.
• According to the SEC, Delgado allegedly diverted at least $51 million for personal use and allegedly fabricated account balances and performance reporting.
• The CFTC alleges about $397 million came from approximately 1,600 customers after solicitations connected to crypto trading in Bitcoin and Ether.
• Both civil suits add securities and commodities-law enforcement actions, potentially enabling broader investor compensation and market bans than the criminal plea alone.
• Delgado has agreed to a bifurcated settlement in the SEC case that would impose permanent bars, pending court approval and final determinations on financial penalties.

SEC: Alleged unregistered offering and diverted investor funds

In its complaint, the SEC said Goliath collected at least $425 million from more than 1,300 investors through what it characterized as an unregistered securities offering. The agency alleged that investors were told their money would be placed into crypto liquidity pools, but that “none” of the funds or crypto assets were actually invested in the manner represented.

The SEC further alleged that Delgado diverted at least $51 million for personal use. The SEC also said Goliath used funds and crypto assets from new and existing investors to make earlier payments—an arrangement the agency characterized as inconsistent with the investment strategy sold to participants.

According to the SEC, Goliath promised monthly returns ranging from 3% to 10% and guaranteed investor principal, claiming the returns were generated from fees paid by traders using its liquidity pools. The SEC alleges that, in reality, the company made payments by recycling investor money and fabricated account balances and performance metrics to support the scheme.

The SEC also alleged that commissions were paid to sales agents who recruited investors. The agency said the business eventually faltered after it could no longer raise funds quickly enough to meet obligations, stopped making monthly distributions, and collapsed—an outcome the SEC said came after the company’s operations turned unsustainable.

CFTC: Commodities-law claims tied to Bitcoin and Ether trading solicitations

Separately, the CFTC said Goliath solicited funds for crypto trading in Bitcoin and Ether, attracting approximately 1,600 customers and at least $397 million. The agency’s complaint positions the conduct within commodities and trading enforcement frameworks, seeking consequences aimed at restoring losses and preventing continued market participation.

In its civil action, the CFTC is seeking restitution, disgorgement, civil penalties, trading and registration bans, and a permanent injunction. While the SEC case centers on alleged unregistered securities and the handling of investor capital, the CFTC action reflects the regulator’s view that the underlying promotional and trading-related representations also triggered commodities-law concerns.

Delgado’s SEC settlement and what it does—and doesn’t—end

In the SEC matter, Delgado agreed to a bifurcated settlement, subject to court approval. The deal, as described by the SEC, would permanently bar him from violating the securities-law provisions charged in the complaint. It would also restrict him from participating in securities transactions outside personal-account activity and from associating with a broker or dealer.

The settlement leaves key financial components to be determined by the court, including disgorgement, prejudgment interest, and a civil penalty. In practice, this means the case can still produce significant financial exposure, even as certain legal and behavioral restrictions are agreed in principle.

Delgado is also tied to a criminal resolution. The article notes that he previously pleaded guilty to conspiracy to commit wire fraud, wire fraud, and money laundering. The U.S. Department of Justice has said that at least $400 million was paid to Goliath and that Delgado admitted causing at least $250 million in investor losses. The DOJ further stated that forfeiture was part of the agreement, covering properties, vehicles, luxury goods, bank accounts, and crypto wallets traceable to the scheme.

These developments underscore why the SEC and CFTC actions matter: civil proceedings can pursue investor-focused remedies and broader prohibitions that may not be fully addressed through a plea deal alone. Together, the cases give regulators additional tools to seek compensation, impose penalties, and limit future access to regulated markets.

Why the paired SEC and CFTC cases signal a tougher enforcement stance

Running parallel civil actions under two different federal agencies is notable because it reflects a broader pattern in crypto enforcement: regulators are increasingly willing to frame the same promotional conduct through multiple legal lenses—securities and commodities—depending on how the offering and trading-related representations are structured.

Here, the SEC’s allegations emphasize return guarantees, alleged principal protection, and promised placement into liquidity pools—elements the agency says were used to attract capital under an unregistered offering. The CFTC’s allegations, meanwhile, tie customer solicitations to Bitcoin and Ether trading, supporting its request for trading-specific bans and other restrictions.

For investors watching these cases, one practical takeaway is that “getting the money back” often depends on how quickly courts move on disgorgement, restitution, and related orders. Another is that criminal outcomes do not necessarily close the door to civil enforcement: as the regulators seek permanent injunctions and long-term participation restrictions, the civil cases can continue to shape who is barred from markets even after criminal resolution.

Next, investors and observers will likely focus on court approval of the SEC settlement terms and the final rulings on disgorgement, interest, and penalties, along with how the CFTC case progresses toward relief such as restitution and permanent bans.

Strategy CEO Phong Le says the company plans to resume accumulating Bitcoin later this year, despite having sold portions of its BTC holdings earlier in the year—an approach that has attracted investor scrutiny.

In a Monday interview with FOX Business, Le said Strategy purchased about 175,000 Bitcoin since the start of the year while selling roughly 7,000 BTC. He characterized the net flow as “about 25 times more” buying than selling and noted that Strategy has moved from being the world’s second-largest institutional Bitcoin holder to becoming the largest.

Key takeaways

• Strategy says it will restart net Bitcoin accumulation later this year after earlier sales.
• Le reported ~175,000 BTC bought since the beginning of the year versus ~7,000 BTC sold, implying Strategy remains a major net buyer.
• Strategy has sold Bitcoin on four occasions since May, with the most recent sale totaling 1,690 BTC.
• Recent sales have been linked to shareholder payouts and balance-sheet uses, including dividends and share repurchases.
• Broader pressure is building on the corporate Bitcoin treasury model as some public companies trade below the net asset value of their BTC.

Strategy’s plan to keep buying, and why the sales matter

Le’s message is direct: despite stepping back from pure accumulation, Strategy intends to increase its BTC exposure again “throughout the course of the year.” That stance arrives after the company diverged from its long-running “never sell” narrative, even if the magnitude of selling appears small relative to its total holdings.

According to the interview, Strategy has accumulated more than 840,000 BTC overall, while still making sales on four occasions since May. The most recent disclosed sale was for 1,690 BTC.

Le’s comments help frame the trade-off Strategy is facing as a public company with ongoing obligations. The company has used proceeds from recent Bitcoin sales for purposes that extend beyond building its BTC treasury—supporting preferred stock dividends, funding share repurchases, and adding to its U.S. dollar reserve.

The tension for investors is straightforward: selling Bitcoin—even when paired with larger net buying—can be seen as a shift in the risk-management and capital allocation logic that originally attracted many BTC-focused shareholders.

From “never sell” to balancing equity and dividends

Market scrutiny has focused on Strategy’s departure from its “never sell” approach. The company’s situation underscores a challenge unique to Bitcoin-heavy treasury models when they operate under traditional public-company constraints.

As a result, Strategy’s capital decisions are not driven by Bitcoin price views alone. Instead, it must weigh requirements tied to common and preferred shareholders alongside its accumulation strategy. The implication is that even firms positioned as long-term Bitcoin holders may still periodically liquidate BTC to meet other corporate finance priorities.

Why the corporate Bitcoin treasury model is under strain

Beyond Strategy specifically, the broader economics of corporate Bitcoin treasuries have been stressed by weaker market conditions. Data cited from BitcoinTreasuries.NET indicates that public companies collectively hold more than 1.26 million BTC, while spot-exposed vehicles such as exchange-traded funds and other funds hold more than 1.6 million BTC.

The treasury model historically gained momentum during a period when corporate Bitcoin holders traded at premiums to the value of their BTC holdings. In that environment, firms could raise capital through equity or debt and then convert that financing into additional Bitcoin, according to analysis referenced from Novaque Research.

But the mechanics worsen when the market assigns a discount. When companies trade below the net asset value of their Bitcoin holdings, new capital raises can dilute existing shareholders more than they did during premium periods. That makes it harder for treasury firms to perpetuate rapid accumulation without creating downside dilution—especially if capital markets are tighter and equity valuation is less supportive.

In other words, even if the long-term thesis remains intact, the near-term path to growth may require more careful balancing between BTC buying and other corporate uses of cash, particularly when the equity story is no longer a simple premium-to-NAV loop.

What to watch next for Strategy and other BTC treasuries

Strategy says it intends to resume accumulation later this year, but investors should monitor whether future buying is funded primarily through balance-sheet decisions (including any further BTC sales) or through renewed access to capital markets. More broadly, the sustainability of corporate Bitcoin treasury expansion may increasingly depend on whether share pricing can recover toward—or at least not deeply undercut—BTC net asset values.

Coinbase has received regulatory approval in Abu Dhabi to provide investment arrangements and custody services through Abu Dhabi Global Market. The approval strengthens the company’s international expansion and establishes the emirate as its global base for tokenized securities outside the United States. The move also supports Coinbase’s broader strategy to expand regulated blockchain financial services across major international markets.

Coinbase Establishes Abu Dhabi Tokenization Hub

Coinbase secured a Financial Services Permission from the Financial Services Regulatory Authority of Abu Dhabi Global Market. Consequently, the exchange can arrange investment deals and provide regulated custody services within the financial center. The approval creates a legal framework for its tokenized securities business.

The company selected Abu Dhabi as its international tokenization hub outside the United States. Therefore, Coinbase will build blockchain-based services for traditional financial assets from the emirate. The initiative supports the wider adoption of onchain capital markets under regulated conditions.

Coinbase plans to issue tokenized securities backed by underlying company shares through the FSRA framework. Each digital security will represent an actual share under approved prospectus terms. The structure allows regulated blockchain ownership while maintaining established financial standards.

Tokenized Securities Expand Regulated Digital Asset Services

Each tokenized security will carry rights linked to its underlying share according to the approved offering documents. Eligible holders can receive shareholder rights, including voting rights, when they satisfy the applicable conditions. Dividend payments will automatically be reinvested under the structure governing the digital securities.

The platform removes the need for traditional brokerage accounts and correspondent banking relationships. Instead, users will hold tokenized securities through compatible digital wallets. Meanwhile, every transfer will undergo sanctions screening under the applicable regulatory framework.

Coinbase also retains authority to freeze or seize digital assets whenever regulatory requirements demand such action. The company said the framework balances blockchain efficiency with compliance obligations. The approval strengthens Abu Dhabi’s position as a regulated center for digital financial services.

UAE Expansion Supports Broader International Growth

Coinbase continues expanding its operations across the United Arab Emirates beyond tokenized securities. At the same time, the company is building a derivatives business in Dubai. Together, both operations will focus on blockchain-based capital markets and regulated derivatives services.

The company stated that the UAE will host two of its largest international businesses outside the United States. Meanwhile, the Abu Dhabi operation will support tokenized securities while Dubai develops derivatives offerings. The combined strategy reflects growing demand for regulated digital asset infrastructure across global financial markets.

Coinbase is also preparing to launch futures, perpetual contracts, and options for professional participants in the United Kingdom. The planned offering will cover cryptocurrencies, stocks, commodities, and foreign exchange markets. More than 170 contracts will become available, while perpetual products will support continuous trading with leverage limits reaching 50x and dated futures offering leverage up to 20x.

The approval builds on Abu Dhabi’s efforts to attract digital asset companies through clear regulatory frameworks and dedicated financial infrastructure. ADGM has introduced digital asset regulations over recent years to support blockchain businesses seeking regulated international operations. Consequently, Coinbase joins several global firms expanding regulated services from the UAE as tokenized financial markets continue developing worldwide.