Former Congressman Patrick McHenry Joins Ondo Finance as Vice Chairman

Key Points:

• Patrick McHenry, former chair of the House Financial Services Committee, has joined Ondo Finance as vice chairman of the advisory board.
• McHenry previously advocated for stablecoin regulation in Congress and aims to support policy discussions in his new role.
• Ondo Finance focuses on tokenizing assets like U.S. Treasuries, offering yield-bearing digital financial products.

Patrick McHenry, the former Republican congressman from North Carolina and past chair of the House Financial Services Committee, has joined Ondo Finance as vice chairman of the advisory board. The move comes just weeks after McHenry transitioned to the private sector, also taking advisory roles at Stripe and venture capital firm Andreessen Horowitz (a16z).

McHenry has been a key figure in crypto regulation, working on legislation to establish stablecoin oversight and market structure rules. In his new position at Ondo Finance, he will help connect the company with policymakers and support discussions on bringing regulatory clarity to tokenized financial products.

We are excited to announce that Patrick McHenry ( @PatrickMcHenry ), former Chairman of the House Financial Services Committee and a key architect of US financial policy, is joining Ondo Finance as Vice Chairman of the advisory board.

Chairman McHenry brings decades of experience… pic.twitter.com/hLqH3oNwJx

— Ondo Finance (@OndoFinance) February 28, 2025

Ondo Finance and the Tokenization Market

Founded by a former Goldman Sachs banker, Ondo Finance operates in the growing tokenization sector, which involves creating digital representations of traditional assets on blockchains. The company’s products include:

• OUSG – Backed by short-term U.S. Treasuries, functioning similarly to money market funds.
• USDY – A yield-bearing stablecoin alternative.

Unlike traditional stablecoins, which are pegged one-to-one to the U.S. dollar, Ondo’s products offer interest-bearing alternatives but remain accessible primarily to institutional and overseas clients due to regulatory constraints in the U.S.

McHenry’s Role and the Future of Stablecoin Regulation

McHenry’s involvement comes as lawmakers continue to debate stablecoin regulation. While serving in Congress, he led efforts to pass a stablecoin bill, securing bipartisan support before the proposal stalled in the House. With regulatory discussions set to continue, McHenry sees a new opportunity to push forward legislative action, particularly as political dynamics shift in Washington.

His new role at Ondo will focus on ensuring the company has a voice in these regulatory discussions while helping it navigate relationships with policymakers and industry leaders.