Ondo Finance, a well-known platform for institutional-grade financial services on the blockchain, has recently experienced a significant development. The STEP Committee of Arbitrum has recommended diversifying up to 6 million $ARB tokens into Ondo Finance’s $USDY. The platform made this announcement on the social media platform X.
The firm provided details of the recommendation in its X post, 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 expressed enthusiasm for the move and emphasized the high-quality nature of the token.
Ondo Finance also expressed appreciation for the comprehensive diligence procedure of the committee and is seeking a community vote from Arbitrum. The company is ready for further progress and aims to expand its collaborative efforts.
The company extended special thanks to the STEP DAO and committee members for their vital contribution to the initiative. It specifically mentioned 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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