Dinari
San Francisco issuer of dShares, tokens representing individual US stocks and funds held one-for-one with regulated custodians, whose subsidiary obtained on 26 June 2025 the first US broker-dealer registration granted for dealing in tokenized stocks.
The profile
San Francisco firm that issues dShares, tokens representing individual US stocks and exchange-traded funds held one-for-one with regulated custodians, and that is registered with the SEC as a transfer agent under Section 17A(c). Its subsidiary Dinari Securities LLC, a FINRA member broker-dealer, obtained on 26 June 2025 the first US broker-dealer registration granted for dealing in tokenized stocks, though Dinari Securities does not itself issue or distribute dShares. More than 350 tokenized stocks and funds are offered to investors in over 85 jurisdictions outside the United States, with cash dividends paid in stablecoin and splits applied to token supply; the holder's claim is contractual against the platform rather than a registered shareholding, and the broker-dealer registration is the first attempt to place that claim inside US securities law.
Products and services
- dShares
- Tokens each backed by one share of a US stock or fund held with a regulated custodian, with dividends distributed in stablecoin.
- dShares API and widget
- Integration used by third-party applications and exchanges to offer tokenized US equities under Dinari's compliance controls.
No development naming Dinari has yet been filed against a primary source. The register entry stands so the institution, its jurisdiction and its products are on the record.