Dinari lets eligible US investors trade 724 tokenized stocks, including the full S&P 500, via USDC in self-custody wallets across 4 blockchains, in a first for US retail.
Tokenized Assets News
US investors can now buy and sell tokenized versions of every company in the S&P 500 directly from self-custody crypto wallets, following a platform expansion by Dinari on Aug. 4.
The offering covers 724 US stocks in total and uses Circle's USD Coin (USDC) stablecoin as the trading currency.
Dinari co-founder and CEO Gabriel Otte said the launch connects two financial systems that have operated separately for decades. "This launch brings them together, allowing investors to move seamlessly between stablecoins and US equities while preserving the protections of traditional capital markets," Otte said. The platform is built on Dinari's regulated broker-dealer and transfer agent infrastructure and went live with partners including Circle, Stripe-owned Privy, Para and Monaco.
Each token in the system, which Dinari calls a dShare, is backed 1:1 by a real share of the corresponding stock held in regulated custody. That structure preserves standard shareholder rights including dividends, voting participation, and corporate actions. Investors can receive dividend payments directly in USDC, without converting back through a traditional brokerage account.
Where the Tokens Trade and Who Can Access Them
The dShares are currently available on Ethereum (ETH), Arbitrum, Base and Avalanche, with support for Solana and Sei described as coming soon. Investors can access the offering through Dinari's own trading app or through partner platforms. Dinari said its tokens are already distributed across more than 85 countries and that Aug. 4 marks the first time eligible US investors have been included in that reach.
The company said it operates under a regulatory authorization it received roughly a year ago. At the time, it described that authorization as a first for a tokenized equity platform in the United States. It did not name the specific regulator or authorization type in its Aug. 4 announcement, but the offering runs through its registered broker-dealer structure, which handles compliance for each transaction.
Dinari was direct about the limitations of its product. It noted that secondary markets for tokenized securities can be illiquid, meaning investors may not always be able to sell a dShare at a chosen price or time. The company also acknowledged that the legal and regulatory treatment of tokenized securities continues to evolve and that changes could affect the availability of its products, the value of the tokens, or investors' ability to transfer them to other wallets or platforms.
A Crowded Field Chasing the Same Market
Dinari is entering a space where multiple competing models are already operating. Robinhood and Kraken parent Payward have expanded tokenized stock offerings outside the United States using offshore structures that mirror publicly traded shares without direct custodial backing. Ondo Finance unveiled a framework aligned with the Securities and Exchange Commission using BlackRock's iShares Core S&P 500 ETF and Micron shares as collateral, though those products remain unavailable to US investors for now.
Securitize has taken a different approach altogether, arguing that public companies should issue shares natively on blockchains. It listed on-chain versions of its own NYSE-traded shares alongside its public debut, positioning itself as an example of what it advocates. Each of these models comes with different trade-offs around regulation, investor protections, and the degree to which the token represents genuine ownership of the underlying equity.
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Institutional infrastructure behind tokenized equities is also expanding. The Depository Trust & Clearing Corp. said in July that it had successfully completed production trades in tokenized securities, covering both equities and US Treasuries, with more than 30 participating firms, including BlackRock, Goldman Sachs, JPMorgan, Circle and Nasdaq. Citi has projected the global tokenized securities market could reach $5.5 trillion by 2030, a figure that has driven significant competition among firms trying to establish an early foothold in the space.
The broader push into real-world assets has become one of the most actively contested areas in crypto over the past two years. After tokenized US Treasury funds became the first major institutional use case for blockchain-based financial products, attention has shifted to public equities, where firms are betting that blockchain technology can modernize trading, settlement, and shareholder recordkeeping at the same time. Dinari's custodial model, which keeps the underlying shares in regulated custody while allowing the token to be held in a self-custody wallet, sits between the offshore mirror models and the native-issuance model Securitize is pushing for.
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