Dinari now lets eligible US investors trade 724 tokenized US stocks, including the full S&P 500, directly from self-custody wallets using USDC across four blockchains, expanding access to tokenized equities for retail users
Dinari has launched a platform that allows eligible US investors to buy and sell tokenized versions of 724 US stocks-including every company in the S&P 500-directly from self-custody crypto wallets. The service, which uses Circle's USD Coin (USDC) as the trading currency, is now live across Ethereum, Arbitrum, Base, and Avalanche, with plans to add Solana and Sei support in the future. This marks the first time US retail investors can access a full suite of tokenized US equities through self-custody wallets, according to Dinari.
How Dinari's Tokenized Stocks Work
Each token, called a dShare, is backed 1:1 by a real share of the corresponding stock held in regulated custody. Dinari says this structure preserves standard shareholder rights, including dividends, voting, and participation in corporate actions. Investors receive dividend payments in USDC, eliminating the need to convert back through a traditional brokerage. The platform operates under Dinari's registered broker-dealer and transfer agent infrastructure, which the company claims handles compliance for each transaction. Dinari's tokens are already distributed in over 85 countries, but this is the first time US investors have been included in the offering.
Access, Liquidity, and Regulatory Limits
US investors can access Dinari's tokenized stocks through the company's own trading app or via partner platforms. While the tokens are available on multiple blockchains, Dinari acknowledges that secondary-market liquidity for tokenized securities can be limited. This means investors may not always be able to sell their dShares at a desired price or time. The company also notes that the legal and regulatory landscape for tokenized securities is still evolving, and future changes could affect product availability, token value, or the ability to transfer tokens between wallets or platforms. Dinari has not disclosed the specific regulator or authorization type for its US operations, but states that its broker-dealer structure is designed to meet compliance requirements.
Competition and Market Context
Dinari enters a crowded field of companies experimenting with tokenized equities. Some, like Robinhood and Kraken parent Payward, have offered tokenized stock trading to non-US users through offshore structures that do not always provide direct custodial backing. Others, such as Ondo Finance, have developed frameworks using ETFs and collateralized shares, but these products remain unavailable to US retail investors. Securitize has advocated for public companies to issue shares natively on blockchains, listing on-chain versions of its own NYSE-traded shares. Each approach involves different trade-offs in terms of regulation, investor protection, and the degree of actual equity ownership. The institutional infrastructure for tokenized securities is also expanding, with the Depository Trust & Clearing Corp. recently completing production trades in tokenized equities and US Treasuries involving more than 30 major firms. Citi has projected that the global tokenized securities market could reach $5.5 trillion by 2030, fueling competition among firms seeking early leadership in the space.
Dinari's launch comes as stablecoins and tokenized assets continue to gain traction in digital finance. For example, Samsung SDS and Upbit operator Dunamu are working together to develop stablecoin and AI-powered payment infrastructure, signaling broader ambitions for blockchain-based payments. Their collaboration highlights the growing intersection between traditional finance and blockchain technology, a trend that Dinari's new offering aims to accelerate for US retail investors.
According to data from Circle, USD Coin (USDC) had a circulating supply of approximately $32.5 billion as of June 2024, making it one of the largest fiat-backed stablecoins in the market. The S&P 500 index, which Dinari's platform now covers in full, represents over 80% of the total US equity market capitalization, with a combined value exceeding $40 trillion as of mid-2024. These figures underscore the scale of assets now accessible to eligible US crypto wallet users through tokenization.
Tokenized equities are designed to combine the programmability and transferability of blockchain assets with the legal rights and protections of traditional securities. While this model can offer new flexibility for investors, it also introduces unique risks. These include potential regulatory changes, custody dependencies, and liquidity constraints that may not exist in conventional brokerage accounts. As the regulatory environment for tokenized securities continues to develop, investors should remain aware of the evolving legal, technical, and market risks associated with these products.
