Dinari partners with Circle to bring tokenized stocks to US investors

Dinari, the Palo Alto-based fintech startup that has been quietly building infrastructure for tokenized US equities, is deepening its ties with Circle as it pushes to make on-chain stock trading a reality for American investors.

The company, which issues what it calls dShares, 1:1 backed tokens representing real-world stocks held in custody, has already tokenized Circle Internet Group stock under the ticker dCRCL. The move is part of Dinari’s broader effort to bring more than 200 tokenized US equities and ETFs onto blockchain rails, a catalog that includes tokens tracking shares of Apple and Tesla.

From offshore novelty to regulated US product

The company secured its FINRA broker-dealer registration on June 26, 2025, a milestone that unlocked access for US investors to trade tokenized equities through its platform. Previously, such trading was limited primarily to non-US users.

Dinari is also registered with the SEC as a transfer agent. That dual registration gives the company a regulatory foundation that most crypto-native competitors simply don’t have.

The company has raised $22.65 million in total funding, including a $12.7 million Series A round backed by notable names like VanEck and Hack VC. Dinari was founded in 2021.

Building the pipes for tokenized trading

On July 8, 2026, Dinari announced a partnership with tZERO to create a comprehensive operating framework for broker-dealers looking to facilitate trading and servicing of tokenized US equities.

The dShares model works by maintaining a 1:1 backing with real equities held in custody. When someone buys a dAAPL token, there’s an actual Apple share sitting in a custodial account somewhere. This isn’t synthetic exposure or a derivative.

The Circle connection and what it signals

Circle, best known as the issuer of the USDC stablecoin, went public as Circle Internet Group. Dinari tokenizing Circle’s stock as dCRCL creates an interesting feedback loop: a blockchain infrastructure company’s equity is now tradeable on blockchain infrastructure built by a different company.

Note: as of August 4, 2026, there were no verified reports of a direct Dinari-Circle partnership regarding tokenized stocks.

What this means for investors

Dinari’s FINRA registration and SEC transfer agent status represent real regulatory moats. Any competitor trying to replicate this model will need to clear those same hurdles.

The partnership with tZERO is aimed at enabling other broker-dealers to adopt Dinari’s framework for tokenized equity trading. With over 200 tokenized equities already available, Dinari’s total funding of $22.65 million is being deployed to build out what amounts to entirely new market plumbing. The real test will be whether trading volumes on dShares can reach levels that justify the infrastructure being built around them.

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