Risks identified
- 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.