The founder of Ondo Finance, Nathan Allman, has died, the firm announced Tuesday via X. No cause of death was given. Ian De Bode, who has served as President and led strategy, products, and daily operations for over two years, has been appointed as the new Chief Executive Officer. The company stated De Bode has the full support of the executive team.
"It is with profound sadness that we announce the unexpected passing of Nathan Allman, Ondo’s founder," the company wrote. "Nate’s brilliance, humility, and drive shaped every part of what Ondo is today."
Allman, a 2021 Brown University graduate and former Goldman Sachs digital assets team member, founded Ondo. He was a pioneer in tokenizing real-world assets (RWA), growing the platform's total locked value to $3.5 billion. Key products launched under his leadership include USDY (a yield-bearing stablecoin), OUSG (a tokenized U.S. Treasury fund), and tokenized stocks via Ondo Global Markets.
The company says the most meaningful tribute to Allman's memory is to continue growing his vision. Following the news, the native ONDO token fell to approximately $0.42, down 4.47%. Changpeng Zhao (CZ), the co-founder of Binance, was among many figures offering condolences to Allman's family and the Ondo team.