Dinari is a US-domiciled issuer of tokenized US equities called dShares. The company is a SEC-registered transfer agent and a FINRA member broker-dealer, which is the regulatory combination that lets it sell tokenized stocks like dAAPL, dTSLA, and dNVDA to US persons. Most other tokenized-stock issuers cannot. That single fact is why Dinari matters in a category otherwise dominated by offshore vehicles.
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This article covers what dShares are, how Dinari's registration stack works, which tickers and chains are live, how dividends and redemptions clear, and how Dinari compares to Backed Finance's bIB01/bCSPX tokens and Kraken's xStocks. If you are new to the category, start with our overview of tokenized stocks and then come back here for the Dinari-specific mechanics.
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dShares are ERC-20 tokens that each represent one share of a publicly traded US equity, held 1:1 with the underlying stock at a regulated custodian. Dinari mints a dShare when a customer buys, holds the corresponding share offchain, and burns the token on redemption. The token is the ledger entry; the share is the asset.
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The live dShares roster centers on large-cap US tech, an index proxy, and crypto-correlated names: dAAPL (Apple), dTSLA (Tesla), dNVDA (Nvidia), dSPY (S&P 500 ETF), dMSFT (Microsoft), dMSTR (MicroStrategy), and dCOIN (Coinbase). The catalog has grown beyond this list and Dinari has signaled it can wrap any US-listed equity its broker-dealer can custody, so check dinari.com for the current set before quoting tickers in production.
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Each dShare tracks the underlying share's price during US market hours and trades 24/7 onchain. Price discovery during off-hours happens through onchain liquidity and AMM pools, with arbitrage to the underlying re-anchoring price when US markets reopen. Dinari publishes proof-of-reserves and the underlying share holdings are audited.
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Most tokenized-stock products available today are sold from offshore entities into non-US wallets and explicitly geofence US persons. Backed Finance issues bTokens from Switzerland and Liechtenstein. Kraken's xStocks are issued by Backed and distributed by Kraken's non-US arm. Both prohibit US buyers.
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Dinari runs a different stack:

The combination matters because tokenized US equities are securities in the United States full stop. There is no compliant way for a non-US issuer to sell them to US persons. Backed and Kraken's xStocks know this and route around it with geofencing. Dinari is the path through, not around.
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Arbitrum is Dinari's primary chain. The bulk of dShare liquidity, mint/burn flow, and DEX pairs live there. Dinari has also deployed on Ethereum mainnet, Base, Polygon, and Plume, with the multi-chain footprint expanding as RWA-native chains emerge.
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The chain choice has practical consequences. Arbitrum gives sub-cent transaction costs and the deepest onchain RWA liquidity right now. Ethereum mainnet exists for institutional desks that prefer L1 settlement. Base reaches Coinbase's onchain user base. Plume is a purpose-built RWA chain where Dinari is part of the founding tokenized-asset set.
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Moving dShares between chains is not a free bridge. Because Dinari is the issuer, cross-chain transfer is a burn-and-remint at the transfer-agent layer, not a generic lock-and-mint bridge. That is slower than wrapping ETH but it keeps the cap table accurate and the SEC reporting clean.
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Dividends from the underlying shares are paid to Dinari and passed through to dShare holders in USDC, not in additional tokens. If Apple pays a $0.25 quarterly dividend and you hold 40 dAAPL on the record date, $10 of USDC lands in your wallet on the payable date. The mechanic is simple and tax reporting matches what a brokerage would issue for the underlying.
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Redemption is same-day to USDC during US market hours. You submit a burn through the Dinari app or a partner integration, the broker-dealer sells the underlying share, and USDC settles to your wallet at the realized sale price minus fees. Outside market hours the redemption queues to the next session open.
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KYC is mandatory and is the price of admission for a US-friendly product. Accredited verification is required for the Reg D side; standard identity verification clears the Reg A+ side. Wallets are whitelisted at the token-contract level, which is why dShares cannot be sent to arbitrary unverified addresses.
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The three live options for tokenized US equities each solve a different problem.

If you are also weighing Robinhood's announced tokenized-stock product or the broader question of whether to hold tokenized equity instead of an ETF, see Robinhood tokenized stocks and tokenized stocks vs ETFs.
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Dinari sells more than a consumer app. The company exposes a B2B API that lets fintechs, neobrokers, and crypto exchanges embed tokenized US equities directly into their product without becoming broker-dealers themselves. The integrator handles the user-facing experience; Dinari handles KYC, transfer-agent recordkeeping, share custody, mint/burn, and dividend distribution.
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This is the pattern that makes the category scalable. A wallet that wants to offer dAAPL to its users does not need to register with FINRA or stand up a transfer agent. It calls Dinari's API, hands off the compliance perimeter, and earns a revenue share on volume. It is the same playbook stablecoin issuers used to embed USDC into hundreds of consumer apps.
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Three forces hold the peg. First, primary issuance and redemption are gated to the actual share price during market hours, so any meaningful gap can be closed by an arbitrageur who mints at NAV and sells onchain, or buys onchain and redeems at NAV. Second, Dinari publishes proof-of-reserves, so the market can verify 1:1 backing in real time. Third, the broker-dealer handles corporate actions (splits, dividends, mergers) at the offchain layer and updates the token supply or distribution accordingly.
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The peg is not algorithmic. It is collateral plus a regulated mint-burn channel. That makes dShares structurally closer to GLD or IAU (physically-backed gold ETFs) than to a synthetic derivative.
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Three groups. US accredited investors who want 24/7 trading of single-name US tech without leaving their crypto wallet. US retail (via Reg A+ tickers) who want stock exposure inside DeFi rails. And fintechs or exchanges building stock-trading features who would rather plug into Dinari's API than build the broker-dealer stack from scratch.
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If your use case is yield on stablecoins, cross-chain payments, or programmatic dollar movement, dShares are not the right primitive. See our guides on stablecoin payments and cross-chain stablecoin transfers for that side of the stack.
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This article draws on Dinari's official documentation at dinari.com/docs, the SEC's transfer-agent registration database, FINRA BrokerCheck for the affiliated broker-dealer, Dinari's Reg A+ offering circulars and Reg D filings on SEC EDGAR, and rwa.xyz's Dinari entity page for live supply and chain distribution data. Tokenized-stock comparisons cross-reference Backed Finance's prospectuses and Kraken's xStocks documentation. Pricing and dividend mechanics are reconciled against Dinari's published smart-contract behavior on Arbitrum.
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