Grvt burns 1.1M tokens as RWA perps open interest tops $18B

Grvt plans four launches by the end of November, from a yield product to a redesigned single-balance app, the company said Oct. 20, as open interest in real-world-asset perpetuals stands at $18.46 billion, according to DefiLlama.

The burn is the first of five steps toward Grvt 2.0, a relaunch with a new name, and it tests whether a token with no economic rights can anchor a platform moving from trading to yield.

Perpetuals on real-world assets carry $18 billion of open interest

Open interest in perpetual futures on real-world assets stands at $18.46 billion across 33 venues, according to DefiLlama's RWA perps dashboard retrieved Oct. 20. Public equities account for $9.1 billion of it.

Onchain venues hold 30.6% of that open interest, DefiLlama shows, and 30-day volume across all venues totals $806.25 billion.

Yield is the other half of Grvt's pitch. The 1-year U.S. Treasury par yield was 4.50% on Oct. 19, according to Treasury yield data. Grvt's 11% target sits 6.5 percentage points above it, our calculation.

By the numbers

Grvt's token issuer burns 1.1 million tokens and sets a four-step roadmap

Grvt's token issuer bought 1.1 million GRVT tokens on the open market and burned them, Grvt said. The release does not name the issuer or give a purchase price.

CoinGecko lists circulating supply at 114.31 million tokens, which puts the burn at 0.96%, our calculation.

The issuer intends monthly buybacks, but timing and size stay at its discretion, Grvt said. Grvt also said burns do not guarantee price appreciation and the token confers no ownership, profit or other economic rights.

Not independently verified: the 1.1 million figure, which comes from Grvt's release.

Grvt Earn, due by the end of October, targets up to 11% from tokenized assets, with partners named at launch. Grvt said the yield is not guaranteed.

Stable Funding Perps follow in November: zero-fee perpetual futures on stocks, commodities, currencies and indices. Grvt aims to list more than 1,000 markets by the end of December, five times the current roughly 200, our calculation.

Yield as Margin, also due in November, lets Earn balances back trades while accruing yield. Grvt 2.0 follows at the end of November with one self-custodial balance and a new name.

Michael Selig, chairman of the U.S. Commodity Futures Trading Commission (CFTC), wrote in an Oct. 5 op-ed that exchanges registered with the agency would be "permitted to allow retail customers to trade on a margined, leveraged or financed basis."

The proposed rules would apply to CFTC-registered exchanges. Grvt's release does not address licensing or U.S. rules.

How we got here

• Jul. 30, 2026: Grvt holds its GRVT token generation event, according to the company's help center.
• Oct. 5, 2026: CFTC Chairman Selig outlines proposed rules for registered cryptocurrency exchanges, including leveraged retail trading, in an op-ed.
• Oct. 19, 2026: The 1-year U.S. Treasury par yield is 4.50%, according to Treasury yield data.
• Oct. 20, 2026: Open interest in RWA perpetuals stands at $18.46 billion, according to DefiLlama data.
• Oct. 20, 2026: Grvt announces the burn and the roadmap, the company said.

What to watch: four launches and the next buyback round

Grvt Earn is due by the end of October, and Stable Funding Perps and Yield as Margin in November, the company said. Reaching 1,000 markets by Dec. 31 would mean five times the current count.

Whether more burns happen is open: the issuer said timing and size are discretionary. The release names no Earn asset partners.

How we reported this: Grvt supplied the burn and roadmap details in an Oct. 20 release; market figures come from the linked DefiLlama, Treasury, CoinGecko and CFTC pages, and the 0.96%, 6.5-point and five-times figures are our calculations: 1.1 / 114.312; 11% - 4.50%; 1,000 / 200.