STEP Report - November 2024

Steakhouse is pleased to share the November update for Arbitrum’s Stable Treasury Endowment Program. Like last month, we have included the month-end PDF statement and a Dune dashboard with live data and portfolio analytics. We will continue to add performance data to the PDF statements once enough time has passed to produce useful insights.

Please let us know if there’s anything else you’d like to see in these reports or the dashboards, and we’ll do our best to include in the future!

Notes on the portfolio:

  • The allocation to OpenEden’s TBILL was fully deployed on December 11th.
  • STEP’s USDY (Ondo) purchase was minted on December 4th after the end of the 45 day restriction period post-investment. This is now visible in the Dune dashboard.
  • According to Mountain’s latest attestation report, USDM is now roughly 42% backed by Superstate’s USTB and 13% by Securitize/Blackrock’s BUIDL. These products have already been approved by the selection committee and are held within STEP, and we do not believe this change represents a material increase in risk to the DAO.

Recent Product Updates

Superstate

Superstate recently launched a new mint and redeem feature, allowing users to instantly mint and redeem USTB using USDC.

Mountain

As noted above, USDM is now roughly 42% backed by Superstate’s USTB and 13% by Securitize/Blackrock’s BUIDL. These products have already been approved by the selection committee and are held within STEP, and we do not believe this change represents a material increase in risk to the DAO.

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Ehy thanks for the report! Little late to the party here but wanted to ask, is it possible to add, in these monthly update, the timeline of investments?
Let me be clearer: understanding that every vehicle here might have had a different time for the investment, start of accrual of fees etc, is a bit hard from an external point of view to compare apples to apples. To give an example, build has accrued around 25k in interest with a base cost of $9.5M, and USDM $21k in interest with a base cost of $3.4M. I just assume here that the funds where invested in mountains way before than in the build.

Or maybe the info is already there and I am not seeing it?

Think this query shows when the program came into possession of each of the assets. If it does, it looks like the BUIDL came before the USDM.

https://dune.com/queries/4265109/7169963

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Hi @JoJo

@Vertex_Protocol is correct. There is a query included on the dashboard that shows each transfer in and out of the STEP wallet: