Dinari

Dinari is a U.S.-based company that tokenizes publicly traded securities. Its core product, dShares, are tokenized representations of individual U.S. stocks and ETFs in which Dinari acquires the corresponding underlying security and holds it in a custodial brokerage account, giving the tokenholder a direct claim on the backing share rather than synthetic exposure. The model supports cash dividends (paid in stablecoin on the issuer's schedule), stock splits mirrored automatically in token balances, corporate actions, voting rights where applicable, redemption at the underlying's market price, and NBBO best execution during U.S. market hours. Compliance controls such as KYC gating, geographic restrictions, accredited-investor verification and AML monitoring are enforced at the token level. Dinari states its infrastructure is SEC-registered and includes Registered Transfer Agent status.

Dinari distributes through three customer groups. Asset issuers and managers (ETF issuers, index publishers, transfer agents, fund managers) tokenize existing products without creating a separate CUSIP and retain control over distribution by jurisdiction and investor type. Distribution partners (fintechs, neobanks, broker-dealers, crypto exchanges, wallets, custodians, RIAs, wealth platforms) embed tokenized equities via a REST API and SDK or a white-labeled widget, avoiding the need for their own brokerage, custody, tokenization infrastructure or broker-dealer license. Trading firms and market makers access U.S. equity markets through the same API, with capabilities including an overnight ATS, a 24/7 onchain dark pool, a managed institutional-only onchain order book for weekend liquidity, sub-5-second execution, and included live and historical market data.

Beyond single-name tokens, Dinari offers dShares Index Tokens for multi-asset products combining equities, ETFs, real-world assets and crypto, with automated rebalancing, NAV tracking and redemptions. It powers the S&P Digital Markets 50 Index ($SPDM), co-developed with S&P Dow Jones Indices, which combines 35 equity dShares with 15 digital asset tokens in a single onchain product.

Founding story

Co-founder and CEO Gabriel Otte previously worked as a software engineer at Apple, studied computational biology and genomics in graduate school, and dropped out to found cancer-diagnostics company Freenome, now Nasdaq-listed. After using wealth management services he found them opaque, concluding that capital markets were not an even playing field and criticizing the Depository Trust and Clearing Corp. as a bank-owned "black box" that limits investor mobility. He met co-founders Chas Rampenthal, previously associated with online legal technology company LegalZoom, and Brandon Ooi, founder of anime streaming platform Crunchyroll and a former Stripe engineer, through Silicon Valley networks. The three launched Dinari in 2021, naming it after the "denarius," a silver coin of ancient Rome.

Business model

B2B2C infrastructure: Dinari issues and services the tokenized securities and sells access to financial platforms and trading firms, which distribute the products to end users. Fortune reports that financial platforms including fintechs and digital banks pay Dinari a subscription fee for access to its API.

Subscription fees paid by financial platforms for API access, per Fortune; the company told Fortune in 2025 that it is generating revenue but declined to disclose figures. Dinari markets itself to distribution partners as commission-free with no transaction fees, volume minimums or paid market-data licensing.

Traction

Coverage and company materials report growth from 100+ listed stocks and ETFs live in 60+ countries at the May 2025 Series A to availability in 85+ jurisdictions, 350+ stocks referenced on the site and 6,139 active tokens as of August 2026. Dinari says it is generating revenue, powers the S&P Digital Markets 50 Index with S&P Dow Jones Indices, and in 2026 extended service to U.S. investors through a Circle partnership covering the S&P 500. The CEO said the majority of new users in the year before May 2025 came from Latin America, particularly Argentina and Brazil.

Latest developments

On August 4, 2026, Dinari announced it was putting the entire S&P 500 onchain and making tokenized stocks available to U.S. investors through a partnership with Circle, using a wallet-based model funded with USDC that Dinari says allows U.S. investors to buy and sell stocks via self-custody wallets for the first time; Circle declined to comment, citing a quiet period before earnings. At that time the platform was live in 85 jurisdictions with 6,139 active tokens. Dinari also powers the S&P Digital Markets 50 Index and offers dShares Index Tokens for multi-asset onchain products.