Arbitrum’s STEP Committee recently recommended a diversification of 6 million $ARB tokens into Ondo Finance’s $USDY, a move which has been embraced by Ondo Finance. This recommendation comes after the Committee reviewed over 30 applications and selected six products, with over 17% of the funds set to be allocated to $USDY. This allocation is only surpassed by BUILD of BlackRock.
This development further solidifies the reputation of the $USDY token as a high-quality asset. Ondo Finance expressed its gratitude for the Committee’s thorough review process and is now seeking a community vote from Arbitrum to move forward with this initiative. The platform is also eager to expand its collaborative efforts in the future.
Ondo Finance extended its appreciation to the members of the STEP DAO and committee for their vital contributions, recognizing the efforts of individuals such as L2BEAT, DisruptionJoe.eth, Nethermind, North Lakes Legal, and Steakhouse Financial, as well as karpatkey, gfxlabs, PaperImperium, and Devansh Mehta.