Dinari opens tokenized S&P 500 stock trading to U.S. investors

Dinari has introduced tokenized access to the entire S&P 500 for U.S. investors, allowing eligible users to trade blockchain-based shares backed one-to-one by underlying securities.

According to Fortune, the launch expands Dinari’s blockchain-based equities platform through a wallet-first system that lets users fund accounts with USDC instead of relying on traditional brokerage infrastructure.

The rollout allows eligible U.S. users to buy and sell tokenized shares through self-custody wallets instead of conventional brokerage accounts. 

Dinari said the launch combines tokenized equities with stablecoin payments through a partnership with Circle, creating what it describes as a link between the roughly $300 billion stablecoin market and the more than $60 trillion U.S. equities market. 

Circle declined to comment, citing a quiet period ahead of its upcoming earnings report.

Dinari replaces traditional brokerage access with tokenized stocks

Rather than relying on the conventional brokerage process, Dinari’s platform lets users fund accounts with USDC and hold tokenized equities directly in compatible wallets. The company said the model removes 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. According to Dinari, holders retain rights associated with the underlying securities, including voting rights, cash dividends distributed in native USDC, corporate actions, and redemption based on market prices.

Because transfers occur on blockchain infrastructure, transactions can settle almost instantly instead of following the standard market settlement cycle. Dinari also said tokenized portfolios can move between supported platforms rather than remaining tied to a single brokerage account.

The company added that its tokenized stock platform is already available across 85 jurisdictions outside the new U.S. rollout and currently supports 6,139 active tokenized assets.

Tokenized equities market continues to expand

A recent a16z crypto report said the market value of tokenized stocks climbed about 600% to nearly $1.7 billion by the end of June, as more financial firms introduced blockchain-based versions of traditional securities.

While firms including Securitize and Figure have developed tokenized asset offerings, Fortune reported that they have largely concentrated on private or specialized assets. Dinari co-founder and chief executive Gabriel Otte said his company’s model differs by making publicly traded U.S. stocks available through tokenized securities.

The launch also comes as competition in tokenized equities continues to increase. Robinhood recently introduced tokenized stock products through its blockchain network for eligible European users, while Coinbase and Base have said they are working toward one-to-one-backed tokenized equities using regulated structures.

Dinari has also expanded its regulatory and institutional presence over the past two years. In July 2024, the company joined the Blockchain Association to participate in U.S. policy discussions covering tokenized securities, digital asset market structure and financial regulation.

At the time, Dinari said tokenization should operate within existing securities laws while preserving investor protections already established in traditional capital markets. The company also noted that it operates as an SEC-registered transfer agent, while its broker-dealer subsidiary is registered with the SEC and is a member of FINRA and SIPC.

CEO points to long-standing market structure concerns

Speaking to Fortune, Otte said the idea for Dinari grew out of his own experience after leaving cancer diagnostics company Freenome, where he had been a co-founder.

After becoming a client of wealth management firms, he said he found the traditional investment system difficult to understand because clients often receive limited visibility into how their money is managed. He argued that existing capital markets tend to favor established participants and provide limited transparency for individual investors.

Otte also criticized the role of the Depository Trust and Clearing Corporation, describing it as a centralized system that makes it difficult for investors to move assets freely between brokerages. According to him, blockchain-based ownership could remove many of those restrictions by allowing investors to control tokenized securities directly through digital wallets.

Fortune quoted Otte as saying he expects blockchain-issued tokens to eventually become the trusted record of stock ownership, allowing investors to hold assets directly rather than through multiple intermediaries.

Dinari continues building regulated blockchain infrastructure

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.

Earlier this year, the company introduced the Dinari Financial Network, a framework designed to connect broker-dealers, exchanges, custodians, issuers and transfer agents across the lifecycle of tokenized securities. 

According to Dinari, the network supports issuance, trading, custody, settlement, dividend distribution and corporate actions while allowing participating firms to keep their existing regulatory responsibilities.

The company has also worked with established financial and crypto firms on tokenization initiatives. Earlier participants in the Dinari Financial Network included Gemini, BitGo and VanEck, while another partnership with S&P Dow Jones Indices and Chainlink brought the S&P Digital Markets 50 Index onto blockchain infrastructure.