Ondo’s stablecoin USDY is listed on Arbitrum and supported by 6 million ARB

On X, RWA protocol Ondo Finance announced that its yield stablecoin USDY has been listed on Arbitrum. Prior to this, the Arbitrum STEP Committee had voted to approve the distribution of 6 million ARB (about 3.16 million US dollars) from the Arbitrum DAO treasury to Ondo USDY to support the development of RWA on Arbitrum. USDY has a TVL of more than 350 million US dollars on 8 blockchains, enabling global (non-US) individual and institutional users on Arbitrum to now obtain the utility of stablecoins and combine the yield and institutional-level investor protection in traditional finance. Note: USDY is not offered, sold or otherwise supported for access in the United States or to Americans. USDY is also not registered under the US Securities Act of 1933. Earlier in July, the Arbitrum DAO community voted to approve the proposal on "the specific plan for allocating 35 million ARB to RWA", with an approval rate of 99.44%. The proposal includes investing 35 million ARB in RWA, 11 million ARB in BlackRock's BUIDL through Securitize, 6 million ARB in Ondo USDY and Superstate USTB respectively, and 4 million ARB in Mountain USDM, OpenEden TBill and Backed Finance blB01 respectively.