Nathan Allman, the Founder and CEO of Ondo Finance, has passed away unexpectedly at the age of 32, the company announced on Monday, May 25, 2026. Ondo announced the news in a post on X, but did not reveal the cause of death.
Allman founded the company in 2021 and became one of the key figures behind the rise of tokenized real-world assets in crypto markets. He helped build Ondo into a major platform for tokenized U.S. Treasuries and blockchain-based financial products, drawing attention from both crypto firms and traditional Wall Street institutions.
“It is with profound sadness that we announce the unexpected passing of Nathan Allman, Ondo’s founder,” the company said. Ondo added that “Nate’s brilliance, humility, and drive shaped every part of what Ondo is today.” The firm also confirmed that President Ian De Bode will take over as chief executive officer. The transition comes as Ondo expands deeper into tokenized capital markets and institutional blockchain settlement services.
Allman helped push Real-World Assets onchain
Allman graduated from Brown University with a Bachelor of Arts in Economics and Biology, and later earned an MBA from Stanford University Graduate School of Business. His early career began at Prospect Capital Management as an associate. He then became Managing Partner at ChainStreet Capital, a quantitative cryptocurrency hedge fund focused on algorithmic event-driven trading strategies, where he remained until 2019. He subsequently joined Goldman Sachs’ Global Markets Division, focusing on digital assets and creating cryptocurrency market services for institutional clients, before leaving in February 2021 to found Ondo full-time. His background in both Wall Street and digital assets helped Ondo grow quickly as interest in tokenized finance increased.
Under Allman’s leadership, Ondo Finance grew into one of the biggest companies focused on tokenized real-world assets. The company’s growth accelerated after a $20 million Series A round in 2022 backed by Founders Fund, Pantera Capital, Coinbase Ventures, and Tiger Global Management. Ondo started with tokenized U.S. Treasuries before expanding into blockchain-based securities and yield products aimed at institutional investors. Ondo now holds about $3.86 billion in tokenized assets onchain, while more than 111,680 investors hold its products.
Its main products include OUSG and USDY. OUSG gives qualified investors access to short-term U.S. Treasury investments through blockchain technology. Meanwhile, USDY targets eligible non-U.S. users looking for digital assets that generate yield. Those products helped Ondo build stronger ties between traditional finance and blockchain-based settlement systems.
Leadership shift comes during rapid expansion
Ian De Bode now takes over Ondo Finance at a critical time for the company and the wider tokenized asset market. De Bode joined Ondo in September 2023 as Chief Strategy Officer, drawing on prior digital assets work at McKinsey. He was promoted to President in November 2025, and now becomes CEO with immediate effect following Allman’s death.He already played a central role in Ondo’s daily operations, product strategy, and institutional partnerships before the leadership change. That existing involvement could help the company maintain stability as it moves through the transition.
Ondo recently worked with J.P. Morgan’s Kinexys, Mastercard, and Ripple on a near-real-time cross-border Treasury redemption. The process moved tokenized Treasury assets through blockchain networks before settling them into traditional banking systems. The deal reflected growing interest from large financial firms exploring blockchain-based settlement technology.
The JPMorgan-Mastercard-Ripple work is part of a deepening institutional partnership roster. In March 2026, Ondo announced a partnership with asset management giant Franklin Templeton; in April 2026, it secured a partnership with financial infrastructure provider Broadridge. Each agreement extends Ondo’s traditional-finance bridge built during Allman’s tenure.
The company has also expanded its tokenized stocks and ETFs onto Hyperliquid’s HyperEVM through LayerZero integration. That setup allows traders to combine tokenized equities with crypto-based futures strategies on the same ecosystem. However, Allman’s death leaves Ondo facing a major leadership test during an important stage for tokenized finance and institutional blockchain adoption.
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