A coated substrate is described including a substrate material, which is coated at least in part with an oxidation-resistant coating, wherein the coating consists of a wear-resistant abrasive coating layer, which contains or consists of coated abrasive particles embedded in an oxidation-resistant matrix material, wherein at least some of the abrasive particles consist of α-Al2O3 and the abrasive particles are coated with a first particle coating layer disposed on the abrasive particles and an optional second particle coating layer disposed on the first particle coating layer, wherein the matrix material contains or consists of the compound MCrAlY, wherein M is at least one element selected from the group consisting of Ni, Co and Fe. A method for manufacturing such a coated substrate is also disclosed.