Tribute to Nathan Allman: Remembering the founder of Ondo finance

A passing that shocks the entire crypto industry

On May 25, 2026, the crypto industry lost one of its most influential visionaries. Nathan Allman, founder and CEO of Ondo Finance, passed away unexpectedly. The company did not disclose the circumstances of his death. Ian De Bode, president of the company, is stepping into the role of CEO with immediate effect. In its official communication on X, Ondo wrote: “It is with profound sadness that we announce the unexpected passing of Nathan Allman.”

The company stated that “Nate’s talent, humility, and execution have shaped Ondo into what it is today.” The impact of his contributions “cannot be overstated,” according to the official press release. Gracy Chen, CEO of Bitget, stated that since 2023, both parties “have achieved so much together.” She added that the industry would continue to “push the boundaries of tokenization.” Ian De Bode wrote on X: “Ondo’s mission, Nate’s mission, has not changed.”

Nathan Allman graduated from Brown University with degrees in economics and biology. His interest in digital assets dates back to 2017, when he began trading cryptocurrencies and investing in ICOs. Between 2018 and 2019, he managed his own crypto hedge fund before joining Goldman Sachs. There, he worked on projects related to digital assets, notably the development of security tokens. This dual background in traditional finance and blockchain conviction gave Ondo its unique positioning.

From Goldman Sachs to 2.5 billion dollars in TVL

Allman founded Ondo Finance in 2021 with a simple yet ambitious thesis: taking institutional financial products and bringing them on chain. The first products offered yield farming strategies accessible via protocols like Uniswap and SushiSwap. These early offerings attracted over 200 million dollars in liquidity deposits. A Series A funding round of 20 million dollars in 2022 followed, backed by Founders Fund, Pantera Capital, and Coinbase Ventures. This funding validated both the technical credibility and the strategic vision of Allman.

The decisive turning point came in 2023 with the tokenization of US Treasury bonds. This pivot toward RWAs transformed Ondo from just another DeFi protocol into a systemic player in tokenized finance. Two flagship products emerged: USDY, a tokenized dollar generating a yield backed by US Treasuries across nine blockchains, and OUSG, an institutional product providing access to funds from Fidelity, BlackRock, and Franklin Templeton via the blockchain. The TVL of Ondo surged from 40 million dollars to over 534 million in 2024.

By January 2026, the total TVL of Ondo exceeded 2.5 billion dollars, an absolute record. The TVL for Treasury tokenization reached 2 billion dollars, with over one billion on the USDY product alone. Tokenized stocks accounted for 500 million dollars, representing a 50% market share in this segment. Over 7 billion dollars in trading volume have been recorded since the launch in September 2025. Ondo positioned itself as the second largest player in US Treasury tokenization with a 17% market share.

Ian De Bode: A structured transition, not an improvised one

Ian De Bode joined Ondo in September 2023 as Chief Strategy Officer. He brought experience in institutional and digital assets acquired at McKinsey. Promoted to president in November 2025, he had already been leading the strategy, products, and daily operations for over two years. The leadership transition is therefore structured. It limits operational uncertainty in the coming weeks. Ondo has built partnerships with JPMorgan, Broadridge, and Franklin Templeton, validating the central thesis of Allman.

These partnerships with traditional finance giants prove that tokenized finance is not a competitor to Wall Street. It is its natural extension on the blockchain. A cross border transaction of tokenized Treasuries with JPMorgan and Mastercard had been completed shortly before the passing of Allman. These concrete achievements demonstrate a maturing institutional Web3 ecosystem. The mission of Ondo remains intact despite this loss.

Ian De Bode inherits a solid infrastructure and an experienced team. Operational continuity is ensured by his deep knowledge of the strategy and products. The crypto trend toward the tokenization of real world assets remains one of the most powerful of the 2025 to 2026 cycle. Ondo is its main architect in the institutional market. The RWA sector that Allman helped build is now among the most solid narratives in the industry.

ONDO drops by 6.5%: What is the impact on the token?

Following the announcement, the ONDO token dropped by -6.5% to $0.41. Despite this, the token is still recording gains of +59% over the last 30 days. Before the announcement, ONDO was consolidating around $0.44 after a rally of +88% from its low at $0.20. This movement was supported by growing institutional involvement in RWAs. The key resistance to watch remains the $0.60 to $0.65 zone for any new bullish momentum.

The technical analysis of the ONDO token remains constructive over the medium term. The RSI absorbed the drop without plunging into extreme oversold territory. The MACD maintains a slightly positive momentum on higher timeframes. The $0.36 to $0.40 support/resistance acts as the structural floor to defend. A daily close above $0.45 with volume would confirm the resumption of the bullish movement interrupted by this tragedy.

The fundamental strength of Ondo argues for a rapid absorption of this emotional shock by the market. The 2.5 billion in TVL, the partnerships with BlackRock and JPMorgan, and the favorable price prediction for the RWA sector remain intact. Investors who wish to invest in crypto through ONDO should monitor the price reaction on the $0.40 support in the coming days. The 2025 to 2026 crypto bull run does not invalidate the fundamental thesis of Ondo. The best way to pay tribute to Nathan Allman, as Ian De Bode said, is to execute with excellence.

Sources:

• OndoFinance on X
• TradingView

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