Dinari, the San Mateo-based platform that wraps US equities and ETFs into ERC-20 tokens, saw its tokenized fund products gain $1.8 million in market cap over the past 24 hours.
The jump pushes Dinari’s total issued assets to approximately $42.6 million in market cap across roughly 482 assets spread over multiple chains, including Ethereum and Arbitrum. Funds and ETFs make up the lion’s share of that figure, accounting for around $22.3 million of the total.
How dShares actually work
Dinari’s core product is called dShares. Each one is an ERC-20 token representing 1:1 ownership of a real underlying US stock or ETF, carrying the same rights as holding the actual security: dividends, corporate actions, voting rights. The underlying assets sit in regulated custody with licensed broker-dealers.
Dinari operates as a registered broker-dealer and transfer agent, classifying its products as securities under US federal law. That means the tokens are restricted to eligible investors. Transactions on the platform happen through USDC, and investors can hold their dShares in self-custody wallets.
Among the standout tokenized ETFs, USFR.d carries a market cap in the range of $10 million to $11.75 million, making it Dinari’s largest single product. JAAA.d, a tokenized version of a AAA-rated CLO ETF, sits at around $1.8 million.
A bigger menu for US investors
On August 4-5, 2026, Dinari opened access to 724 tokenized US stocks and ETFs for eligible investors, including coverage of the full S&P 500.
The company has raised over $22 million from investors including Hack VC and VanEck Ventures.
Dinari has also expanded its geographic reach into more than 85 jurisdictions, partnering with platforms like Kem and working with Circle to enable USD-backed dividend payments. The Circle partnership solves a practical problem: when a tokenized stock pays a dividend, the payout arrives in USDC rather than requiring a traditional banking rail.
For brokers and fintechs looking to offer tokenized securities without building the compliance and custody stack themselves, Dinari provides API integrations.
Where this fits in the tokenization landscape
The total tokenized equities market currently spans an estimated $1.8 billion to $2.8 billion industry-wide. Dinari’s $42.6 million represents a small but growing slice of that pie.