Tokenized equities firm Dinari is bringing its blockchain-based U.S. stock offering to eligible domestic investors, expanding its tokenization model into the U.S. market after working through the regulatory plumbing needed to let investors buy shares with stablecoins.
The company said Tuesday that investors can buy and sell 724 tokenized U.S. stocks, including every company in the S&P 500, using Circle's USDC stablecoin through self-custody wallets. Dinari’s stock tokens, dubbed dShares, are available on Ethereum, Arbitrum, Base and Avalanche blockchains, with support for Solana and Sei coming “soon,” the firm said.
The offering runs through Dinari's regulated broker-dealer and transfer agent infrastructure and launches with partners including Circle (CRCL), Stripe-owned Privy, Para and Monaco.
The move comes as tokenized equities emerge as the next battleground in real-world assets. After tokenized U.S. Treasury funds became the first major institutional use case, firms are increasingly turning to public equities, betting blockchain technology can modernize trading, settlement and shareholder recordkeeping. Citi projects tokenized securities could grow into a $5.5 trillion market by 2030.
Dinari, based in San Mateo, California and led by Gabe Otte, a former Apple engineer and CEO of biotech startup Freenome, aims to offer infrastructure for fintechs, wallets and broker-dealers to offer tokenized shares to their own customers, rather building a large retail brokerage than becoming. It remains one of the smaller players in the sector, with about $10 million in tokenized stocks in a $2.2 billion market, according to RWA.xyz.
The company raised over $22 million from investors, including Hack VC, Blockchange Ventures, VanEck Ventures, F-Prime and Blizzard, the Avalanche ecosystem fund.
The race is also turning into a debate between competing models of bringing equities onchain.
The U.S. Securities and Exchange Commission (SEC) outlined in a January staff statement three different structures: issuer-sponsored securities created with the involvement of the public company, along with third-party models that either hold the underlying shares in custody or provide synthetic exposure to them.
Robinhood (HOOD) and Kraken parent Payward have expanded synthetic, offshore offerings that mirror publicly traded shares but are not available to U.S. investors. Ondo Finance ONDO$0.3737 also uses a synthetic model, but recently it unveiled a framework to offer tokenized stocks through its SEC-registered transfer agent, though those products are not yet available to U.S. investors.
Firms like Securitize (SECZ) and Figure have pushed an issuer-sponsored model, in which companies issue shares directly onchain, and have listed a blockchain-based version of their own equity alongside their New York Stock Exchange debuts.
Dinari is betting on the third-party custodial model described in the SEC staff statement. Its dShares are backed one-for-one by ordinary stocks and exchange-traded funds held in regulated brokerage accounts. The tokens reflect dividends, voting rights, stock splits and other corporate actions, while investors can hold them in self-custody wallets and use USDC to buy and sell them.
“The idea for Dinari has always been: Let’s operate within NMS, but let’s offer it in tokenized form,” CEO Gabe Otte told CoinDesk in an interview.
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