us-treasuries
(2)The Yen Rescue Hiding America’s Trillion-Dollar Bond Problem
America’s surprise defense of the yen looked like a favor to Japan. Patrick Boyle argues it was really a high-stakes attempt to keep a trillion-dollar Treasury customer from turning seller.
Nathan Allman
Nathan Allman was the founder and CEO of Ondo Finance, the firm that did more than almost anyone to drag tokenized U.S. Treasuries from a whitepaper idea into a multi-billion-dollar reality. A Brown graduate and former Goldman Sachs digital-assets trader, he left Wall Street in early 2021 to build what he framed as a decentralized investment bank, betting that boring, yield-bearing, regulation-aware products - not speculation - would be how traditional finance finally moved on-chain. Under his watch Ondo grew to roughly $3.5 billion in total value locked, launching USDY, OUSG, Ondo Global Markets and the institution-focused Ondo Chain. He died unexpectedly in May 2026.