Research
Components, facts, FAQ, timeline, and tokenomics in one place
Main components (5)
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.
Differentiator
Tokenized US equities as dShares.
Organizational structure
Units & roles
- Parent company / SEC-registered transfer agent
Dinari Inc.
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.
- Broker-dealer subsidiary
Dinari Securities LLC
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.
Investment rounds
Similarity to traditional finance products
How Dinari maps onto established TradFi structures, and where it diverges.
| TradFi product | Similarity to Dinari | Key differences |
|---|---|---|
| Traditional brokerage account (e.g. buying US stocks via a broker) | Provides economic exposure to the same underlying US equities and ETFs, with shares held in custody in a street-name style arrangement. | 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) | 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. | 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. |