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$ONDO Grvt could make Ondo far less visible to the end user. The headline will probably be: “$100M allocated to tokenized Treasuries.” But the more interesting part is what happens behind the scenes. Grvt is reportedly holding USDY on its balance sheet and integrating the yield directly into a base rate. That means users can potentially earn a Treasury-like return without ever needing to interact directly with the token or Ondo. That’s a bigger shift for RWAs. The product is no longer “buy this token.” It becomes: “the yield is already built in.” The numbers are worth watching: • $100M targeted over 12 months • Around 4.6% of existing USDY supply • Roughly 3.5% APY, translating to about $3.5M annually at full deployment One platform potentially representing nearly 5% of a $2.1B market shows just how concentrated onchain fixed income remains. But there’s another side to this. Abstraction makes things easier for users, but it can also hide the underlying complexity. The user may simply see one clean rate while the backend involves multiple layers—Grvt, Ondo, banks, ETFs, and other counterparties. The real winners in the RWA cycle may not be the platforms offering the highest yield. They’ll be the ones that make the infrastructure almost invisible without making the underlying risks invisible. Tokenized Treasuries are moving beyond being a standalone product. They’re becoming a built-in feature. And that shift could be much bigger than most people realize. Who else sees it this way? Video credit: @new_era_finance #CPIEasesHikeBets #AIInfraEarningsWatch #SpaceX99%ValueFromAI