On June 1, Ondo Finance posted on X to confirm that co-founder Nate Allman passed away last week at the age of 32. The announcement disclosed that the company’s on-chain asset size is set to exceed $400 million, and early investor David Chen will join the company’s board of directors. The announcement ends with the closing line Allman commonly used: “Forward.”
Allman’s core product legacy and confirmed asset scale
The Ondo announcement states that the on-chain asset size is set to exceed $400 million. The core products led by Allman include: OUSG (the first point-to-point transferable tokenized treasury bills), Flux Finance (the first on-chain buyback market), USDY (the first permissionless yield token, providing global investors with exposure to US Treasury yields), and Ondo Global Markets (a tokenized stocks and ETF platform, offering broker-account-like pricing and liquidity). The announcement notes that the total amount of global liquid assets exceeds $160 trillion, with an on-chain tokenization rate of less than 0.01%.
Confirmed leadership transition arrangements
The announcement was written by Ondo’s current CEO, stating that over the past more than two years he has led most of Ondo’s strategy and day-to-day operations. David Chen will join Ondo’s board. All other leadership team members will remain in their positions. The announcement explicitly says: “The roadmap being executed is Nate’s roadmap,” defining the company as “a continuation, not a restart.”
Recently announced product plans
The announcement confirmed two near-term plans: in the coming days, it will share the next important steps regarding market access, positioned as a major upgrade to the existing infrastructure; the Ondo Perps platform will launch in the coming weeks, as the first perpetual asset platform built for real-world assets, supporting tokenized RWA as collateral and providing round-the-clock (24/7) deep liquidity.
Frequently asked questions
What is Ondo Finance’s current on-chain asset size?
According to the June 1 announcement, Ondo’s on-chain asset size is set to exceed $400 million. The announcement says, “This milestone was unimaginable just a short while ago, but it also reflects the rapid development of the space.”
How is Ondo’s leadership transition arranged?
Ondo’s current CEO will continue to lead the company; over the past more than two years he has led most of the company’s strategy and day-to-day operations. David Chen will join the board; all other leadership team members will remain in their roles; and the company will execute the existing roadmap set by Allman.
What are the confirmed details of Ondo Perps’ plan?
Ondo Perps is the first perpetual asset platform built for real-world assets, supporting tokenized RWA as collateral and providing deep liquidity around the clock, with plans to launch in the coming weeks. The specific launch date is not specified in this announcement.
