# STEP Report - April 2025

**URL:** <https://forum.arbitrum.foundation/t/step-report-april-2025/29192>\
**Category:** STEP Applications & Updates\
**Created:** [May 8, 2025, 9:32pm UTC](https://forum.arbitrum.foundation/t/step-report-april-2025/29192 "2025-05-08T21:32:32Z")\
**Posts on this page:** 1\
**Showing post:** 2

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**Author:** ![steakhouse](https://yyz1.discourse-cdn.com/flex029/user_avatar/forum.arbitrum.foundation/steakhouse/32/6722_2.png) [@steakhouse](https://forum.arbitrum.foundation/u/steakhouse)\
**Post date:** [May 12, 2025, 9:34pm UTC](https://forum.arbitrum.foundation/t/step-report-april-2025/29192/2 "2025-05-12T21:34:44Z")

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As [announced today](https://x.com/MountainUSDM/status/1921960084944392467) and reported [on the forums](https://forum.arbitrum.foundation/t/step-committee-recommendations/25097/37), Mountain Protocol has been acquired by Anchorage Digital, and they will begin an orderly wind-down of USDM.

The STEP portfolio currently holds $3.6mm of USDM. Steakhouse will work with the Arbitrum Foundation to ensure that those funds are safely redeemed in the near future. Additionally, we are coordinating with the STEP Committee to propose a new allocation with the funds received from the USDM redemption.

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_[View the full topic](https://forum.arbitrum.foundation/t/step-report-april-2025/29192)._