Ondo Finance, a leading on-chain institutional-grade financial platform, has recently experienced a significant development. The STEP Committee of Arbitrum has proposed diversifying up to 6 million $ARB tokens into Ondo Finance’s $USDY. The platform announced this development on the social media platform X.
“We are excited to announce that the @arbitrum STEP Committee has recommended a diversification of 6M $ARB from the Arbitrum DAO Treasury into Ondo $USDY. Out of 30+ applications, the Committee is recommending six products, with over 17% of the funds set to be allocated to…” – Ondo Finance (@OndoFinance) June 23, 2024
Ondo Finance Receives Recommendation for 6M $ARB Diversification by Arbitrum Committee into $USDY
In its X post, the company provided details of the recommendation. The Committee has recommended 6 products out of more than thirty applications, with more than seventeen percent of the funds allocated for $USDY, second only to BUILD of BlackRock.
This development highlights the growing reputation of the $USDY token. The platform also expressed its enthusiasm for the move, emphasizing the high-quality nature of the $USDY token.
The Platform Thanks the Committee for its Thoroughness
The platform also expressed appreciation for the comprehensive diligence procedure of the committee and is seeking a community vote from Arbitrum. It reassures its readiness for further progress and intends to expand its collaborative efforts.
Additionally, the company extended special thanks to the STEP DAO and committee members for their vital contribution to the initiative. The notable contributors include L2BEAT, DisruptionJoe.eth, Nethermind, North Lakes Legal, and Steakhouse Financial, as well as karpatkey, gfxlabs, PaperImperium, and Devansh Mehta, among others.
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