RWA · Tokenized Equities · DINARI
Tokenized US equities as dShares.
Tokenized US equities as dShares.
Tokenized US equities as 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.
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.
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.
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.
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.
$22.65M across seed and Series A (Series A of $12.7M closed May 1, 2025)
CoinDesk - Dinari Series A150+ US stocks and ETFs offered as dShares (nearly 200 cited in later partner announcements)
Dinari dShares pageDinari Securities LLC SEC-registered as broker-dealer on June 20, 2025 (SEC file no. 8-71215; FINRA/SIPC member)
SEC EDGAR - Dinari Securities Form X-17A-5How Dinari maps onto established TradFi structures, and where it diverges.
Traditional brokerage account (e.g. buying US stocks via a broker)
Dinari
Provides economic exposure to the same underlying US equities and ETFs, with shares held in custody in a street-name style arrangement.
TradFi analogue
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)
Dinari
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.
TradFi analogue
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.
Dinari Inc.
Parent company / SEC-registered transfer agent US company founded in 2021 (San Francisco / New York), issuer of dShares and operator of the Dinari platform. Registered as a transfer agent with the SEC under Section 17A(c). Co-founded and led by CEO Gabriel (Gabe) Otte.
Dinari Securities LLC
Broker-dealer subsidiary Wholly-owned subsidiary registered with the SEC as a broker-dealer (SEC file no. 8-71215, registered June 20, 2025) and a member of FINRA and SIPC, approved to tokenize NMS securities. First tokenized-equity platform to secure US broker-dealer registration.
Seed
2023-08-15$7.5M
Key milestones: launches, upgrades, exploits and governance events.
US broker-dealer registration
ExecutedDinari Securities LLC registered with the SEC as a broker-dealer (FINRA/SIPC member), establishing a compliant path to offer tokenized US securities.
SourceLaunch Dinari Financial Network L1
ExecutedRoll out an Avalanche-based Layer 1 omni-chain orderbook to serve as settlement infrastructure ('DTCC of tokenized stocks') for a partner network.
SourceCross-chain expansion via LayerZero
ExecutedExtend dShares across LayerZero's ecosystem, targeting expansion from four initial chains toward 150+ supported blockchains.
SourcedShares are tokenized US stocks and ETFs issued by Dinari as ERC-20 tokens, each backed 1:1 by the corresponding real share held in custody by a registered US broker-dealer. They give holders price exposure to equities like Apple, Tesla and the S&P 500 on-chain.
Yes. Dinari Inc. is an SEC-registered transfer agent, and its subsidiary Dinari Securities LLC is an SEC-registered broker-dealer and a member of FINRA and SIPC (SEC file number 8-71215), registered on June 20, 2025 - the first tokenized-equity platform to obtain US broker-dealer registration.
Yes. Each dShare is backed 1:1 by the underlying security. Underlying shares are held in custody (via broker-dealer custodial arrangements such as Alpaca Securities), and Dinari states the backing is verified through regular independent audits.
dShares were initially launched outside the US for non-US investors. Dinari's June 2025 broker-dealer registration is intended to enable a compliant path to offer tokenized NMS securities to US investors; as of December 31, 2025 the broker-dealer subsidiary had not yet opened customer accounts.
dShares first launched on Arbitrum, then Ethereum mainnet (March 2024), and have expanded multichain including Base and Solana. The Dinari Financial Network and a LayerZero integration (November 2025) allow dShares to move and settle across multiple chains.
