Running STEP has taught us that not all tokenized T bills are created equal. Monthly vs block by block compounding? Not the same. Loosely partnered crypto-native wrapper vs TradFi self issuance? Even if tradfi self issued: digital twin or fully onchain fund? Swiss GmbH debt vs US ETF vs bankruptcy remote SPV? different risks and asset flexibility Transparent fees vs redemptions fees vs hidden fees vs time-based waived fees? Important There is no standard for how RWAs are tokenized and no clear right or wrong way (though some are clearly wrong lol) Every detail has second order consequences when building onchain primitives around yield. With STEP, Arbitrum DAO isn't just rewarding assets for launching. We're pressure testing what it actually means for traditional assets to have better implementations onchain.