- Ondo founder Nathan Allman died unexpectedly, triggering an immediate leadership change.
- Ian De Bode was appointed CEO after already overseeing Ondo’s strategy for 2 years.
- Ondo’s TVL surged above $3.5 billion in May 2026, driven by tokenized treasury products.
Nathan Allman, founder of Ondo Finance, has died unexpectedly at the age of 32, the company confirmed on Tuesday as it moved quickly to appoint new leadership. Ondo President Ian De Bode was named CEO effective immediately, with the company noting that he had already overseen strategy, product development, and daily operations for more than two years.
Ondo described Allman as the key force behind the company’s growth from a DeFi yield platform into one of the largest tokenized real-world asset firms in crypto.
Before launching Ondo in 2021, Allman worked on digital assets at Goldman Sachs.
In a public statement, Ondo said Allman’s work focused on building a more open financial system using blockchain infrastructure. The company also said its existing leadership structure was built to handle long-term continuity.
Internal Successor Already In Place
The company moved quickly to avoid uncertainty around operations and product execution.
De Bode joined Ondo as Chief Strategy Officer in March 2024 after previously leading digital asset advisory work at McKinsey & Company. His work there focused on helping traditional financial firms launch crypto and tokenization strategies.
Ondo said De Bode had full support from the leadership team.
In his statement, De Bode said the company’s direction would remain unchanged and that the team would continue executing the long-term roadmap built under Allman.
Ondo’s Treasury Business Expanded Aggressively
Ondo became one of the fastest-growing firms in the tokenized treasury market between 2024 and 2026.
The company initially gained traction through DeFi yield products. Growth accelerated after a $20 million Series A round in 2022 backed by Founders Fund, Pantera Capital, Coinbase Ventures, and Tiger Global.
Early products reportedly attracted more than $200 million in liquidity deposits and partnerships with over ten DAOs.
The business later shifted heavily toward tokenized US Treasuries and institutional products. OUSG emerged as Ondo’s flagship treasury product and crossed $827 million in total value locked in late 2025.
By May 2026, Ondo’s total value locked had reportedly climbed above $3.5 billion, up from roughly $1.95 billion at the start of the year.
Related: ONDO Climbs 17.9% as Treasury Pilot Boosts RWA Narrative: Will Rally Last?
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