Arbitrum Token Flow Report - February 2025

Arbitrum DAO - Treasury

Arbitrum Stable Treasury Endowment Program (STEP)

The STEP report, covering 1 - 31 January 2025, was published on the forum and is summarized below (this is the most recent report). STEP Allocations

Market Value 31 Jan 2024 $30.7M Interest Earned (LTD) $422k Yield LTD (Cash on Cash) 1.39%

9.5m

9.7m

5.3m

5.3m

5.2m

5.2m

3.5m

3.5m

3.5m

3.5m

3.5m

3.5m

Securitize BUIDL

Ondo USDY

Superstate USTB

Mountain USDM

OpenEden TBill

Backed Finance blB01

USD Cost 30.3m USD Market Value 30.7m

Interest Earned (LTD)

Yield LTD Cash on Cash

USDCost

Securitize BUIDL

9,523,937 5,194,875 5,194,875 3,463,250 3,468,250 3,463,250 30,308,437

186,942 66,715 75,783 48,707 17,467 26,724 422,338

1.96% 1.28% 1.46% 1.41% 0.50% 0.77% 1.39%

OndoUSDY

Superstate USTB Mountain USDM OpenEden TBill

Backed Finance blB01

Total

Other updates posted by the program manager included:

Securitize/Blackrock

BUIDL has successfully migrated to daily distributions of interest. Previously, interest was deployed on the first of every month.

Backed

Upon review of the bIB01 position, Steakhouse identified that the subscription fee discount initially offered to Arbitrum was not properly applied to the purchase. As a result, the program paid 30bps in excess of what was intended. Backed is in the process of refunding the STEP program additional bIB01 tokens to make up the differential, which should hit the wallet next week.

OpenEden

OpenEden’s TBILL fund now supports USD fiat subscriptions and redemptions, in addition to USDC.

600k

30.7m 422.3k

30.5m

30m

400k

29m

195.8k

200k

28m

26.9m 89.5k

26.9m

27m

0

Oct 24

Nov 24

Dec 24

Jan 25

Market Value (USD)

Interest Generated (USD)

18

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