Ondo Finance founder Nathan Allman dies unexpectedly

Tokenized real-world assets firm Ondo Finance announced the unexpected death of founder Nathan Allman on Tuesday, with longtime president Ian De Bode stepping in as CEO.

What to know:

• Ondo Finance said its founder, Nathan Allman, has died unexpectedly, without disclosing the cause of death.
• Ian De Bode, the firm’s longtime president who has overseen strategy, product and daily operations, will become chief executive with the backing of the leadership team.
• Allman, a Brown graduate and former member of Goldman Sachs’s digital assets team, founded Ondo in 2021 and led its growth into a tokenized real-world asset pioneer with $3.5 billion in total value locked and products including the USDY stablecoin and OUSG Treasury fund.

Ondo Finance founder Nathan Allman has died, the company said in a post on X on Tuesday, without disclosing the cause.

"It is with profound sadness that we announce the unexpected passing of Nathan Allman, Ondo's founder. Our hearts are with his family and loved ones," the company said. "Nate's brilliance, humility, and drive shaped every part of what Ondo is today. His belief in the power of technology to create a more open, accessible financial system lives on in everything we build."

Ian De Bode, Ondo's longtime president who has led strategy, product, and day-to-day operations for over two years, will serve as CEO. De Bode has the full confidence of the leadership team, the company said.

Allman, a Brown University graduate, founded Ondo in 2021 after working on Goldman Sachs' digital assets team. Under his leadership, Ondo became a pioneer in tokenized real-world assets, growing total value locked to $3.5 billion.

Major products launched during his tenure include USDY, a yield-bearing stablecoin, OUSG, a tokenized U.S. Treasury fund, and tokenized equities through Ondo Global Markets.

The company said it would continue building what Allman started as the most meaningful way to honor him.

UPDATE (May 26, 7:17 UTC): Changes headline wording.

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