Ondo Finance founder Nathan Allman passes away

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.