Ondo Finance said its founder, Nathan Allman, has died unexpectedly, creating a sudden leadership change at one of the best-known names in tokenized real-world assets.
The company announced the news on May 25 and said its thoughts were with Allman’s family and loved ones.
In its public statement, Ondo said “Nate’s brilliance, humility, and drive shaped every part of what Ondo is today.” The company did not disclose further details about the cause of death. Allman founded Ondo in 2021 after working on Goldman Sachs’ digital assets team.
Ondo Finance named longtime President Ian De Bode as CEO. The company said De Bode had been leading strategy, product, and daily operations for more than two years and had the confidence of the leadership team.
De Bode also said the company’s direction would not change. In a statement, he said “The mission of Ondo, Nate’s mission, has not changed.” He added that Allman would have wanted the team to keep executing with care and discipline.
The appointment gives Ondo an internal successor at a time when users, partners, and investors are likely to look for clear communication. De Bode had already been involved in the work that shaped Ondo’s product roadmap and market expansion.
The leadership change comes as Ondo remains a major player in the tokenized real-world asset market. Its products include OUSG, USDY, and Ondo Global Markets, which links crypto wallets and apps to tokenized U.S. stocks, bonds, and ETFs.
Related market coverage shows Ondo has been expanding quickly. A May 19 report said Ondo Finance’s total value locked had moved above $4 billion, up from about $1.95 billion at the start of the year, while Ondo Global Markets had passed $1 billion in TVL.
Ondo also built a wider distribution base through wallet and exchange integrations. Earlier reports said MetaMask added access to more than 200 tokenized U.S. stocks and ETFs through Ondo, expanding access for eligible users in supported regions.
Separate reports also show why Ondo’s next steps remain central to the RWA market. crypto.news recently reported that tokenized real-world assets had reached about $31 billion to $34 billion by May 2026, with U.S. Treasuries and Ethereum-based products leading the sector.
Ondo has also expanded into tokenized stocks and ETFs through several partnerships and integrations. Recent coverage said the platform brought 35 tokenized assets to Hyperliquid’s HyperEVM, while earlier reports noted Franklin Templeton’s tokenized ETF partnership with Ondo.
Ondo said it would continue building what Allman started. For the company, the near-term focus now shifts to leadership continuity, product execution, and maintaining trust across its RWA ecosystem.
