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Arbitrum Committee Recommends 6M $ARB Diversification into $USDY of Ondo Finance

source-logo  blockchainreporter.net 23 June 2024 21:37, UTC

Ondo Finance, a prominent on-chain institutional-grade financial platform, has recently witnessed a significant development. As per it, the STEP Committee of Arbitrum has reportedly proposed diversification of up to 6 million $ARB tokens into Ondo Finance’s $USDY. The platform took to the social media forum X to disclose the respective development.

📢 We are thrilled to share 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 Sees the Recommendation of 6M $ARB Diversification by Arbitrum Committee into $USDY

In its X post, the firm provided the details of the respective recommendation. According to the firm, the Committee reportedly recommends 6 products. Overall, they stand among more than thirty applications. The respective products possess more than seventeen percent of the funds seeing allocation for $USDY. This figure stands as 2nd only to BUILD of BlackRock.

The respective development indicates the significant reputation the $USDY token is getting. In addition to this, the platform also expressed its enthusiasm regarding the respective move. It brought to the front that the $USDY token has been securing a remarkable position because of the high-quality nature thereof.

The Platform Expresses Thanks for the Committee’s Full Diligence

Apart from that, the platform also noted that it appreciates the comprehensive diligence procedure of the committee. Along with that, the company pursues the community vote from Arbitrum. Along with that, it also assures its readiness for further progress. In this respect, Ondo Finance reportedly intends to expand its endeavors dealing with collaboration.

While moving on, the company expressed a special thanks addressing the STEP DAO and committee members. As per it, they were the people making a vital contribution to realize the respective initiative. According to the firm, the chief among them takes into account L2BEAT, DisruptionJoe.eth, Nethermind, North Lakes Legal, and Steakhouse Financial. They also include karpatkey, gfxlabs, PaperImperium, and Devansh Mehta among others.