Arbitrum, a well-known on-chain financial platform, has recently made an exciting announcement regarding Ondo Finance. The STEP Committee of Arbitrum has recommended diversifying 6 million $ARB tokens into Ondo Finance’s $USDY. This news was shared by Ondo Finance on social media.
Out of more than 30 applications, the Committee has chosen six products for diversification, with over 17% of the funds allocated to $USDY. This makes $USDY the second-highest allocated token after BlackRock’s BUILD.
This recommendation highlights the growing reputation of the $USDY token, which is known for its high quality. Ondo Finance expressed its enthusiasm for this move and appreciated the Committee’s diligent process. The company now seeks community voting from Arbitrum and is prepared for further progress, including expanding collaborations.
Ondo Finance also extended its gratitude to the STEP DAO and committee members who played a crucial role in realizing this initiative. Noteworthy contributors include L2BEAT, DisruptionJoe.eth, Nethermind, North Lakes Legal, Steakhouse Financial, karpatkey, gfxlabs, PaperImperium, and Devansh Mehta, among others.
Overall, this recommendation by the Arbitrum Committee showcases the confidence in Ondo Finance’s $USDY token and opens up new opportunities for both platforms.