Dinari Puts 724 Stocks On-Chain: Here Is Where Circle and USDC Fit In

Dinari has launched 724 tokenized stocks for U.S. investors and businesses — a move the company bills as an industry first.

Buyers can hold and trade the equities directly from self-custody crypto wallets, using USD Coin (USDC).

The launch was announced August 4 and runs on a partnership with Circle, the issuer of USDC.

It’s the largest catalog of tokenized equities yet made available to American retail investors through a regulated framework.

Key Takeaways

• Dinari launched 724 tokenized stocks for U.S. investors and businesses on August 4
• Each tokenized stock is backed one-to-one by an actual share held in a regulated custodial account
• Circle listed on the New York Stock Exchange in 2024, building its regulatory credibility in the U.S. market
• Tokenized real-world assets crossed $20 billion in on-chain value earlier this year

The announcement came via a PR Newswire release on August 4, and the USDC settlement layer underpins every transaction in the catalog.

Each tokenized stock is backed one-to-one by an actual share held in a regulated custodial account, so the token’s value tracks the underlying equity precisely.

The buyer does not go through a traditional broker. Instead, the token lives in the investor’s own wallet, meaning the investor controls the private key and the asset simultaneously.

Tokenized Stocks Hit 724 Assets In A Regulated U.S.

First

Dinari has launched 724 tokenized stocks for U.S. investors and businesses, making this the broadest tokenized-stock offering approved for American investors on record. The mechanism works through USDC as the settlement rail.

A buyer sends USDC to Dinari’s smart contract, which triggers a purchase of the underlying share through a registered broker-dealer. Dinari then mints a corresponding token and delivers it to the buyer’s wallet.

Redemption reverses the process: the token is burned, the share is sold, and USDC is returned.

The settlement layer matters because USDC is a dollar-pegged stablecoin, meaning its value is designed to hold at $1.00 at all times. Using it as the payment medium removes the currency-volatility problem that plagued earlier attempts to denominate tokenized securities in volatile cryptocurrency assets like Bitcoin (BTC) or Ethereum (ETH).

Why Self-Custody Changes The Equity Ownership Equation

The self-custody angle is the structural shift that separates Dinari’s model from fintech wrappers like Robinhood or fractional-share apps.

In a conventional brokerage, the investor is a beneficial owner but the broker holds the security in street name. The investor cannot move the asset independently, cannot use it as collateral in a decentralized lending protocol, and cannot transfer it at 2 a.m. on a weekend without going through the broker’s infrastructure.

A tokenized stock in a self-custody wallet behaves more like a bearer instrument.

The holder can transfer it, pledge it in a DeFi lending pool, or post it as margin on a decentralized exchange, all without a broker’s permission or office hours. This composability, the ability to plug one financial asset into another protocol’s logic, is the property that blockchain advocates have argued for years makes on-chain assets structurally superior to their legacy counterparts.

The practical constraint has always been regulatory access.

U.S. securities law requires that a registered broker-dealer stand behind any retail equity transaction. Dinari operates under this constraint rather than around it, using a licensed broker for the underlying share purchase while delivering the token to the investor’s wallet.

Also Read: Circle Q2 Revenue Plunge Exposes Critical USDC Crisis

That two-layer structure keeps the company within SEC-recognized territory while still offering self-custody delivery.

How Circle’s USDC Became The Settlement Rail For On-Chain Equities

Circle’s role in this launch is not incidental. USDC has spent the past three years building regulatory credibility in the U.S. market, including Circle’s listing on the New York Stock Exchange in 2024.

The stablecoin operates under state money-transmission licenses and publishes monthly attestations of its reserve backing. That compliance profile makes it the natural payment medium for a product that must satisfy securities regulators on one end and blockchain users on the other.

The partnership also reflects a broader strategic direction for Circle.

As the stablecoin market matures and payment rails for USDC multiply, embedding USDC into equity settlement creates a new category of demand for the token: transactional volume from investors moving in and out of tokenized stocks, not just from cryptocurrency trading or remittance payments.

For Dinari, tying the product to Circle’s distribution network provides immediate access to USDC liquidity pools and the wallets of millions of existing USDC holders, a ready-made addressable market that would take years to build independently.

From Pilot Product To A 724-Asset Tokenized Stock Catalog

Dinari launched its original tokenized equity product in 2023 with a limited set of stocks and a narrower geographic scope. The company spent the intervening period building out the broker-dealer connectivity required to handle real-time share purchases at scale, stress-testing the smart contracts that govern minting and burning, and securing the regulatory clearances needed to extend access to U.S. investors.

Managing 724 underlying positions simultaneously requires automated order routing to the broker-dealer, real-time price feeds for token valuation, and redemption queues that can clear without creating settlement failures.

The August 4 announcement confirms that Dinari’s back-end infrastructure has matured enough to handle that breadth of catalog coverage.

Tokenized real-world assets more broadly, a category that includes tokenized Treasuries, tokenized money-market funds, and tokenized real estate, crossed $20 billion in on-chain value earlier this year. Tokenized stocks have lagged that figure because equities carry additional regulatory complexity compared to fixed-income instruments.

Dinari’s launch signals that the equity segment of the tokenized asset market is now structurally ready to scale.

The Road Ahead For Tokenized Stock Ownership

The immediate question is whether U.S. investors will adopt self-custody equity ownership at scale, or whether the UX friction of managing private keys will keep the product in a niche early-adopter segment. Mainstream investors are accustomed to SIPC-insured brokerage accounts.

Losing a private key means losing the shares permanently, with no recovery mechanism.

Dinari will also face secondary-market liquidity questions. A tokenized stock is only as useful as its ability to be traded at tight spreads.

If on-chain order books for these tokens remain thin, buyers and sellers will face wide bid-ask spreads that erode the cost advantage over traditional brokers.

What the launch does establish, regardless of near-term adoption, is a proof of concept that has now cleared U.S. regulatory friction at meaningful scale. The next phase of tokenized stocks is no longer a design document.

It is a live product with 724 assets and a stablecoin settlement layer already running.

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