Nathan Allman, founder and former CEO of the tokenization protocol Ondo Finance, has passed away unexpectedly. The company did not disclose the cause of death. Ian De Bode, previously president of the project, takes over as Ondo Finance CEO with immediate effect.
Ondo Finance is a protocol for the tokenization of real-world assets (RWA), specializing in US Treasuries and stocks. Specifically, the company brings traditional financial products onto blockchain infrastructure as tradable tokens. It was originally founded in 2021 by Allman, after he left his position at Goldman Sachs. As early as 2022, a Series A round of 20 million USD followed. Investors included Founders Fund, Pantera Capital, Coinbase Ventures, and Tiger Global Management. In total, the platform manages around 3.5 billion USD in tokenized assets. Furthermore, it holds roughly 70% market share in tokenized securities, distributed across more than 111,000 token holders.
Nathan Allman: from Goldman Sachs to RWA tokenization
Allman first studied at Brown University, where he earned a Bachelor of Arts in economics and biology. Later, an MBA at the Stanford University Graduate School of Business followed. Before moving into the banking sector, he gained experience as an associate at Prospect Capital Management. Furthermore, he was managing partner at ChainStreet Capital, a quantitative crypto hedge fund, and thus anchored early in both traditional finance and the crypto space.
In the Global Markets Division at Goldman Sachs, he subsequently built digital asset services for institutional clients. This dual role between TradFi and digital assets shaped the strategic direction of his own company. Allman ultimately left the investment bank in February 2021 to found Ondo Finance. The timing fell into a phase in which DeFi and the tokenization of real-world assets attracted broader institutional interest for the first time.
Ondo Finance honored its founder in a statement on the platform X. According to the company, Nate's brilliance, humility, and drive shaped every part of what Ondo is today.
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.
Nate’s brilliance, humility, and drive shaped every part of what Ondo is today. His belief in the power of technology to create a…
— Ondo Finance (@OndoFinance) May 25, 2026
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Ondo Finance CEO succession: Ian De Bode takes over
De Bode was previously head of digital assets at McKinsey & Company, where he advised traditional financial institutions on the development of digital asset strategies. In March 2024, he joined Ondo as chief strategy officer (CSO). Later, in November 2025, he was promoted to president. Consequently, he moved through a structured rise to the top of the company within roughly two years.
During this time, the new CEO already oversaw strategy, product, and the day-to-day operations of the company. The appointment therefore takes effect immediately and without an external search. In a first statement, De Bode emphasized that Ondo's mission has not changed and that the company will continue to deliver with excellence. Moreover, his McKinsey experience in institutional finance fits the bridging role that Ondo holds between traditional finance and DeFi.
Ondo's institutional maturity at the time of the leadership change
Ondo's product portfolio clearly reflects its institutional orientation. OUSG is a tokenized fund for short-term US Treasuries that targets qualified investors and currently reaches an outstanding volume of around 550 million USD. In addition, the platform offers USDY, a yield-generating stablecoin for non-US users. Through Ondo Global Markets, the company also lists tokenized stocks and ETFs for trading, including via Hyperliquid and LayerZero.
On the partnership side, the company has expanded its position considerably of late. In May 2026, the provider announced a cooperation with J.P. Morgan Kinexys, Mastercard, and Ripple for cross-border treasury redemption. Previously, partnerships with Franklin Templeton in March and Broadridge in April 2026 had already followed. Likewise, integrations exist with BlackRock, Fidelity Investments, and WisdomTree, which underscore Ondo's footing in the institutional camp.
The entire RWA tokenization market surpassed a TVL of 31 billion USD in 2026, which represents nearly a fourfold increase compared to early 2025. Within this segment, Ondo holds around 70% market share in tokenized stocks. De Bode therefore takes over not a construction site, but an established market-leading company with active institutional connections.
