Dinari first to secure US license to offer tokenized stocks: Reuters

The Block

Jun 26, 2025 20:17:27

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Dinari, a platform that offers tokenized stock trading, said it is the first to secure U.S. approval to offer the blockchain-based financial instruments, according to a report from Reuters on Thursday.

Tokenizing stocks involves companies creating digital tokens that track the price of certain publicly-listed companies. Coinbase and Kraken are also pursuing such approval. So far, tokenized stocks have only been offered to non-U.S. users.

"For me, the end game is how can we elevate the entire financial system, which means not just a broker-dealer that's on chain, but an exchange that's on chain," Dinari co-founder and CEO Gabriel Otte said in an interview with Reuters.

Tokenizing stocks and then offering them to traders is considered by many to be a potentially huge growth area in the realm of real world assets (RWAs) represented onchain. Private credit and U.S. Treasurys currently dominate the RWA space, according to data analytics firm RWA.xyz.

Plume Network and Backed are also companies looking to compete in the RWA arena by offering users the chance to trade popular U.S. stocks like Tesla and Apple in tokenized form. In January, BlackRock CEO Larry Fink said he favors the U.S. Securities and Exchange Commission moving to "rapidly approve the tokenization of bonds and stocks."

"Unlike retail brokerages like Charles Schwab or Robinhood, Dinari works with other companies to integrate its interface into their platforms instead of offering its services directly to customers," Reuters said. "Dinari will begin making its broker-dealer entity operational in the coming quarter," the company also told Reuters.

Backed Head of Marketing David Henderson told The Block in March he expects the market for tokenized stocks to reach $1 billion and $2 billion by the end of this year.

Dinari's tokenized stocks, called dShares, can already be acquired by traders outside the U.S., according to Reuters.

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