Arbitrum’s STEP Committee plans to take a position 1% of DAO treasury property into real-world asset merchandise yearly.
The Arbitrum DAO is readying to take a position 35 million ARB into on-chain real-world asset (RWA) merchandise.
On June 23, Arbitrum’s Steady Treasury Endowment Program (STEP) Committee introduced it has selected six RWA merchandise to diversify treasury property after compiling a shortlist of 17 tasks.
“To not spread the amount too thinly and increase operational or default risk causing loss of principle, we selected only six products from the shortlist of 17 shared earlier,” the STEP Committee stated.“
The STEP Committee plans to invest 11 million ARB intoBlackRock’s BUIDL via Securitize, 6 million ARB into bothOndo’s USDY and Superstate’s USTB, and 4 million ARB into Mountain’s USDM, OpenEden’s TBill, and Backed Finance’s blB01. STEP said that the size of allocations were determined based on the assets under management (AUM) commanded by each project.
Community members can comment on the STEP Committee’s proposed plan for roughly 10 days leading up to the publication of a formal snapshot governance vote.
The price of ARB is up 6.47% in the past 24 hours to last change hands for $0.829, according to The Defiant’scrypto price feeds.
The committee noted that it plans to diversify 1% of Arbitrum’s Treasury into RWAs each year.
The announcement added that the committee ruled out making investments in projects that use their own proprietary blockchain, projects that hire fund managers without prior experience, projects with redemption delays spanning multiple weeks or more, and projects asking fees that aren’t competitive with the broader markets.
On-chain RWA growth
The news is the latest sign of the increasing adoption of on-chain RWAs. The market cap of on-chains securities has grown 121% to $1.72 billion in 2024, according to Rwa.xyz.
The STEP Committee advocated for expanding the spectrum of support for RWAs beyond simply adding to the AUM of products, including “subsidizing obtaining Moody ratings.”
On June 17, OpenEden’s TBILL turned the primary tokenized U.S. treasuries asset to obtain an “a”-grade ranking from Moody’s, with the product boasting an a-bf ranking.
Arbitrum and Base lengthen lead over rival L2s
Arbitrum and Base have been extending their lead over the Layer 2 sector for the reason that begin of Could.
Information from GrowThePie exhibits the variety of energetic addresses on Arbitrum rising 110% to 745,510 for the reason that begin of Could, whereas Base is up 38% at 501,400 over the identical interval. ZkSync ranks third with 239,140 after dropping 46%, adopted by Linea with 180,060 after tumbling 21.6%.
When taking a look at transaction rely, Arbitrum is up 47% at 2.57 million, trailing behind solely Base with 41% at 3.31 million. For comparability, ZkSync Period ranks third with 537,000, adopted by Base with 529,300.
Associated: Congress Considers Advantages of Tokenizing Actual World Property
