Tokenized equities firm Dinari has officially launched its S&P 500 tokenized stocks platform for US investors, marking what the company claims is the first platform to make tokenized US listed stocks available to American investors through this structure. According to Fortune, the platform now allows broker-dealers, banks, fintechs, and wealth platforms to access tokenized U.S. stocks through its regulated infrastructure. The company announced that investors can buy and sell 724 U.S. tokenized stocks —including every company in the S&P 500— using Circle's USDC stablecoin through self-custody wallets. The platform introduces native USDC dividend support, enabling eligible investors to receive dividend proceeds directly in USDC and keep capital onchain for faster reinvestment across supported financial applications. Dinari co-founder and CEO Gabriel Otte told Fortune that the arrangement allows U.S. investors to buy and sell stocks via self-custody wallets for the first time, seeking to be a bridge between the $300 billion stablecoin market and the more than $60 trillion U.S. equities market.
The offering runs through Dinari's regulated broker-dealer and transfer agent infrastructure and launches with partners including Circle (CRCL), Stripe-owned Privy, Para, Monaco, Eldora, Kredete, Yield.xyz, Liminal, and Axal. According to CoinDesk, the platform lets users fund accounts with USDC and hold tokenized equities directly in compatible wallets, removing several layers of the traditional brokerage system while allowing investors to remain in control of their assets. Each tokenized security, branded as a dShare, is backed one-to-one by an underlying stock held in regulated custody, with holders retaining rights associated with the underlying securities, including voting rights, cash dividends distributed in native USDC, corporate actions, and redemption based on market prices. The stock tokens are tradable on Ethereum, Arbitrum, Base, and Avalanche chains, with Solana and Sei support expected to be added shortly. The platform is available through the Dinari Trading App and allows broker dealers to license Dinari's API infrastructure to provide tokenized equity access through their own platforms.
The platform operates under strict regulatory oversight with Dinari Inc. registered with the SEC as a transfer agent, while its subsidiary Dinari Securities is a separately registered broker-dealer, member FINRA/SIPC. According to GlobeNewswire, the company has secured FINRA broker-dealer registration and raised funding to support the US launch. The SEC has described custodial tokenized securities in a January statement as crypto assets representing an interest in an underlying security held by a third party, with the agency stating that tokenized securities remain subject to federal securities laws regardless of whether ownership records are maintained onchain or through conventional systems. Under Dinari's model, its registered broker dealer acquires the underlying security in a custodial brokerage account, with a corresponding dShare issued to a verified wallet, ensuring full regulatory compliance while maintaining onchain functionality. Circle declined to comment on the partnership, citing a quiet period ahead of its upcoming earnings report.
The launch comes as tokenized equities emerge as the next battleground in real-world assets, with the market value of tokenized stocks climbing about 600% to nearly $1.7 billion by the end of June, as reported by a16z crypto. According to CoinDesk, while firms including Securitize and Figure have developed tokenized asset offerings, they have largely concentrated on private or specialized assets. Dinari co-founder and CEO Gabriel Otte told Fortune that his company's model differs by making publicly traded U.S. stocks available through tokenized securities, setting itself apart by the broader access it provides to U.S. stocks. The space is splitting into competing models, with Robinhood and Payward (Kraken's parent company) operating tokenized stock services outside the US using offshore structures, while Ondo Finance last month unveiled an SEC-compliant framework backed by BlackRock's iShares Core S&P 500 ETF (IVV) and Micron stock, though it is not yet available to US investors. Citigroup projects the tokenized securities market could grow to $5.5 trillion by 2030, following the rapid growth of tokenized US Treasury funds and signaling the emergence of tokenized stocks as the next battleground in the real-world asset space.
The company's tokenized stock platform is already available across 85 jurisdictions outside the new U.S. rollout and currently supports 6,139 active tokenized assets, as reported by Fortune. Dinari has expanded its regulatory and institutional presence over the past two years, joining the Blockchain Association in July 2024 to participate in U.S. policy discussions covering tokenized securities. The company operates as an SEC-registered transfer agent, while its broker-dealer subsidiary Dinari Securities LLC is a separately registered broker-dealer, member FINRA/SIPC. Founded in 2021 by Gabriel Otte, former LegalZoom executive Chas Rampenthal and Crunchyroll founder Brandon Ooi, Dinari has continued building infrastructure that connects regulated financial institutions with blockchain settlement, including partnerships with established firms like Gemini, BitGo, VanEck, S&P Dow Jones Indices and Chainlink. The company plans to add support for Sei and Solana to its current chain support of Ethereum, Avalanche, Arbitrum and Base.
