Dinari opens tokenised US equities to domestic investors via custodial dShares model

Dinari has launched its tokenised US equities platform for eligible domestic investors, allowing them to buy and sell 724 tokenised stocks, including every S&P 500 constituent, using Circle‘s USDC stablecoin through self-custody wallets. The offering runs across Ethereum, Arbitrum, Base and Avalanche, with Solana and Sei support described as forthcoming. Launch partners include Circle, Stripe-owned Privy, Para and Monaco, and the product operates through Dinari’s own regulated broker-dealer and transfer agent infrastructure.

Dinari’s approach sits within the custodial third-party model outlined in a January SEC staff statement, which distinguished between issuer-sponsored onchain securities, custodial wrappers backed by real shares, and synthetic structures. Its dShares tokens are backed one-for-one by shares held in regulated brokerage accounts and reflect dividends, voting rights and corporate actions. That places Dinari in a distinct camp from Robinhood, Kraken parent Payward and Ondo Finance, which have pursued synthetic offshore structures not yet available to US investors, and from Securitize and Figure, which have backed the issuer-sponsored direct-issuance model.

The competitive backdrop is sharpening quickly. Ondo Finance recently unveiled an SEC-registered transfer agent framework for tokenised stocks, though those products have not yet reached US investors. Citi projects the tokenised securities market could reach $5.5 trillion by 2030. Against that horizon, Dinari remains a small participant: RWA.xyz data cited in the source places its tokenised stock outstanding at roughly $10 million against a $2.2 billion total market. The company, led by former Apple engineer and Freenome CEO Gabe Otte and based in San Mateo, California, has raised over $22 million from backers including Hack VC, Blockchange Ventures, VanEck Ventures, F-Prime and Blizzard, the Avalanche ecosystem fund.

The likelier strategic read is that Dinari is positioning itself as infrastructure for fintechs, wallets and broker-dealers to white-label tokenised equity access rather than building a large direct-to-retail brokerage. Whether that B2B posture can generate sufficient scale to compete with better-capitalised rivals, particularly as Ondo and others close the gap on US investor access, is the central question to track.