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Ondo Finance said on May 26 that founder Nathan Allman has passed away unexpectedly, according to an announcement posted by the company on X. The real-world asset tokenization company stated that long-time President Ian De Bode will take over as CEO, as the leadership team seeks to maintain the current product direction and operations. Ondo did not state the cause of death and has not released further details regarding the timing or circumstances of Allman’s passing.
Ondo Confirms Allman’s Passing
Ondo Finance confirmed Allman’s passing in a post on X, stating that the company announced the news with “deep sadness.” Ondo extended its condolences to his family and loved ones.
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
In the announcement, Ondo said Allman’s brilliance, humility, and drive shaped nearly every part of the company. The company also highlighted its belief in using technology to create a more open and accessible financial system.
The company did not provide further details, but stated it will continue to build on what Allman started.
Ian De Bode to Serve as CEO
Ondo said Ian De Bode, the company’s long-time President, will take over as CEO. According to the company, De Bode has led Ondo’s strategy, product, and day-to-day operations for over two years, and has the full support of the leadership team in his new role.
De Bode also posted a separate message on X, calling it a “profoundly sad day” for Ondo Finance. He described Allman not just as a founder and visionary, but as a close friend.
It’s been an incredibly sad day for Ondo Finance. Nate was not only an incredible founder and visionary, but also a very close personal friend. He will be missed dearly.
The mission of Ondo, Nate’s mission, has not changed. If Nate were here, he would want to continue… https://t.co/0Qpl24qX7w
— Ian De Bode (@iandebode) May 25, 2026
De Bode said Ondo’s mission, which was also Allman’s mission, remains unchanged. He stated the company will continue to execute toward that vision, echoing Ondo’s message that the most meaningful way to honor Allman is to continue building what he started.
Ondo emphasized continuity during the transition, as De Bode has already been in charge of the company’s strategy, product, and day-to-day operations for more than two years.
Who Was Nathan Allman
Allman founded Ondo Finance in 2021 after working in digital assets at Goldman Sachs. He became one of the notable faces in the tokenized real-world assets sector, where companies use blockchain infrastructure to bring traditional financial products on-chain.
Nathan Allman, founder of Ondo Finance. Source: Ondo Finance
Under Allman, Ondo grew into one of the biggest names in the sector. RWA.xyz data shows that tokenized real-world assets tied to Ondo reached approximately $3.86 billion, with more than 111,680 holders.
Ondo is known for products such as OUSG and USDY, two products pegged to short-term U.S. Treasuries, alongside Ondo Global Markets, a platform aimed at tokenizing exposure to public securities.
RWA has become one of the closely watched sectors in crypto as companies and financial institutions experiment with bringing treasuries, investment funds, and securities onto the blockchain. Ondo’s position in the space made Allman one of the influential founders in the tokenization wave.
In a recent post, Allman said that tokenization should not be viewed as a one-size-fits-all model. He argued that multiple tokenized security structures can coexist and thrive in the U.S. market.
What Comes Next
Ondo has not yet stated whether the company will release further information regarding memorial plans for Allman or other internal changes following De Bode’s assumption of the CEO role.
In the current announcement, Ondo emphasized that the team will continue to build according to the direction Allman set out. For De Bode, the immediate message is to maintain operations and continue executing the mission that he said is “unchanged.”
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