PANews reported on May 8 that according to The Block, the Arbitrum community decided through on-chain voting to invest 35 million ARB tokens worth approximately US$11.6 million in tokenized U.S. Treasuries. The funds will be allocated to tokenized treasury products issued by Franklin Templeton, Spiko and WisdomTree. The vote started on May 1 and was eventually passed with nearly 89% support. A professional committee elected by the community evaluated more than 50 proposals and finally selected the three institutions based on multiple criteria such as management fee rate, fund size, and risk control. The head of Franklin Templeton's digital asset business said that this cooperation will leverage the advantages of Arbitrum Layer2 network technology to provide customers with efficient financial services. Arbitrum Community Advisory Agency believes that this is an important milestone in the in-depth cooperation between the cryptocurrency field and traditional financial institutions. According to the plan, applicants who are not selected will have the opportunity to participate in the next round of fund allocation.