Dinari brings tokenized U.S. stocks to American investors as equity race heats up

Tokenized equities firm Dinari is bringing its blockchain-based U.S. stock offering to eligible domestic investors, marking an expansion of the custodial tokenization model into the U.S. market.

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. The stock tokens are available across Ethereum, Arbitrum, Base and Avalanche, 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.

Competing tokenization models

The space is also splitting into competing models. Robinhood (HOOD) and Kraken parent Payward have expanded tokenized stock offerings outside the U.S. using offshore structures that mirror publicly traded shares.

Last month, Ondo Finance ONDO$0.3682 unveiled an SEC-aligned framework for tokenized stocks backed by BlackRock's iShares Core S&P 500 ETF (IVV) and Micron (MU) shares, though those products are not yet available to U.S. investors.

Securitize (SECZ), meanwhile, has argued that public companies should eventually issue securities natively on blockchains, listing onchain versions of its own NYSE-listed shares alongside its public debut.

Dinari occupies a middle ground. Its dShares are backed one-for-one by underlying shares held by regulated custodians, a structure the company says preserves shareholder rights such as dividends, voting and corporate actions while allowing investors to hold the assets in self-custody wallets and trade using $USDC.

The company said its tokenized stocks are available through its own trading app and partner platforms, with investors able to receive dividends directly in $USDC. Dinari said its dShares are already distributed in more than 85 jurisdictions, with Tuesday's launch extending the offering to eligible U.S. investors.