Dinari

Tokenized US equities as dShares.

Tokenized US equities as dShares.

- dShares: Dinari Securities Backed Tokens: ERC-20 tokens representing individual US stocks and ETFs (e.g. AAPL, TSLA, NVDA, SPY), backed 1:1 by the underlying securities held in custody by a registered US broker-dealer. Over 150 tokenized equities are available. - Dinari Financial Network: A Layer 1 blockchain launched August 2025, built on Avalanche/AvaCloud, functioning as an omni-chain orderbook to unify liquidity and settlement for tokenized securities across chains (Arbitrum, Base, Plume, Solana and others). Validated by a consortium including Gemini, BitGo and VanEck. - USD+: Dinari's yield-bearing stablecoin, US-dollar pegged with 1:1 redemptions and yield sourced from fixed-income assets (~4.8% APY as of April 2024). Supports cross-chain transfers via Chainlink CCIP. - B2B API and smart contracts: REST API and open-source smart contracts (sbt-contracts) that let fintechs and developers embed tokenized US stocks and ETFs into their own products, plus managed-account services. - Transfer restriction / compliance layer: On-chain transfer logic (whitelist/blacklist via TransferRestrictor contracts) requiring KYC/KYB verification before wallets can hold or trade dShares, enforcing AML and geographic restrictions so tokens cannot trade freely on open DEXs.

- Counterparty: dShares are only as sound as the custody of the underlying equities. Holders rely on Dinari Securities and third-party broker-dealer/custodians (e.g. Alpaca Securities) to actually hold the backing 1:1; custodian insolvency, mismanagement, or failure to maintain full backing would impair token value. - Regulatory: Tokenized US securities sit in an evolving legal area. dShares were initially unavailable to US investors, and the broker-dealer subsidiary had not opened customer accounts as of December 2025. Changes in SEC/FINRA rules or foreign securities regimes across the 85+ countries served could restrict issuance, trading, or redemption. - Smart Contract: dShares and USD+ are governed by smart contracts (sbt-contracts, TransferRestrictor, dividend contracts). Despite Hacken audits, undiscovered bugs, upgradeability/admin-key risk, or exploits in the token or transfer-restriction logic could lead to loss of funds or frozen assets. - Collateral: Backing depends on shares actually held against each token. Corporate actions (splits, delistings, halts), gaps between on-chain supply and off-chain share inventory, or a failure of the 1:1 reserve verification process could cause a dShare to diverge from its underlying stock. - Systemic: Dinari's model bridges TradFi settlement (broker-dealer, T+1, DTCC-style rails) with 24/7 on-chain markets. Because underlying US equities only trade during market hours while dShares trade continuously across chains, price gaps, liquidity crunches, and settlement mismatches can arise during market closures or stress.

- Traditional brokerage account (e.g. buying US stocks via a broker): similar — Provides economic exposure to the same underlying US equities and ETFs, with shares held in custody in a street-name style arrangement.; differs — dShares are blockchain tokens tradable 24/7 and composable in DeFi, accessible to non-US retail across 85+ countries; a traditional brokerage settles on T+1 through the DTCC, offers direct voting/ownership rights, and is limited by market hours and geography. - American Depositary Receipts (ADRs): similar — Both are wrapper instruments that give investors indirect access to an underlying equity they might not otherwise be able to hold directly, backed by shares held by a custodian.; differs — ADRs are issued by depositary banks and give foreign investors access to US-listed equities through traditional markets; dShares are on-chain tokens with programmable transfer restrictions, KYC-gated wallets and blockchain settlement rather than bank-intermediated clearing.