The decentralized autonomous organization that controls the Arbitrum Blockchain (ARB), Arbitrum DAO, has nominated six projects to receive 35 million ARB through its Stable Treasury Endowment Program (STEP). Projects include Securitize (BUIDL), which is expected to be allocated 11 million ARB, Ondo (USDY) - 6 million ARB, Superstate (USTB) - 6 million ARB, Mountain (USDM) - 4 million ARB, OpenEden (TBill) - 4 million ARB and Backed Finance (bIB01) - 4 million ARB.

Arbitrum is currently seeking a community vote to decide whether to approve or reject a list of recommended service providers to diversify its treasury as part of the initial phase of the STEP program. The current level of opposition to the proposal is 76.8%. Voting is ongoing and is due to end on July 11th. 🗳️🚀