Ondo Finance, a well-known on-chain institutional-grade financial platform, has recently experienced a significant development. According to reports, the STEP Committee of Arbitrum has recommended diversifying up to 6 million $ARB tokens into Ondo Finance’s $USDY. The platform announced this development on the social media forum X.
“We are excited to announce that the @arbitrum STEP Committee has recommended diversifying 6M $ARB from the Arbitrum DAO Treasury into Ondo $USDY,” Ondo Finance tweeted on June 23, 2024.
In its post on X, the company provided details of the recommendation, stating that the Committee has recommended six products out of over 30 applications. More than 17% of the funds are set to be allocated to $USDY, making it the second-highest allocation after BUILD of BlackRock.
This development highlights the growing reputation of the $USDY token. The platform also expressed enthusiasm for the move, emphasizing the high-quality nature of the $USDY token.
Additionally, the platform expressed appreciation for the committee’s thorough diligence process and is seeking a community vote from Arbitrum. Ondo Finance is also prepared for further progress and intends to expand its collaborative efforts.
The company extended special thanks to the STEP DAO and committee members for their vital contribution to the initiative. Notable members include L2BEAT, DisruptionJoe.eth, Nethermind, North Lakes Legal, and Steakhouse Financial, among others.
Tags: ARB