Dinari dShare tokens are not available for sale or redemption in your country. Please see our documentation for more details.
Dinari dShare tokens are not available for sale or redemption in your country. Please see our documentation for more details.
A Market Framework for Institutional Participation in Tokenized Capital Markets
U.S. capital markets have become the global benchmark for liquidity, transparency, and investor protection because of the institutions and market structure that support them. Tokenization should extend that framework, not replace it. It should preserve the regulated market participants and investor protections that define public markets while modernizing the infrastructure through which they operate.
The Dinari Financial Network (DFN) is designed to provide that framework. The DFN connects broker-dealers, exchanges, issuers, custodians, transfer agents, and other regulated market participants through a standardized operating model for tokenized securities. Rather than replacing existing market structure, the network extends it, bringing together the institutions responsible for the full lifecycle of a security while enabling the efficiencies of tokenized markets.
Built on Dinari's custodial model for tokenized equities, the network is designed to reduce operational complexity, expand institutional participation, and create a more connected market for tokenized securities. The network is designed to interoperate with today's securities infrastructure, allowing institutions to integrate tokenized assets into existing workflows while providing a practical path toward broader adoption of onchain market infrastructure over time.
The Dinari Financial Network is built on dShares™, Dinari's custodial model for tokenized U.S. equities.
Each dShare™ is backed by the corresponding underlying security held with licensed custodians and is designed to preserve the rights and protections associated with equity ownership, including cash dividends, automated corporate actions, redemption at NBBO, and a protected claim to the backing security.
This custodial model reflects Dinari's long-held view that tokenization should preserve the legal and operational framework of U.S. capital markets rather than replace it. It also aligns with the SEC's stated preference for tokenized securities that maintain a direct relationship to the underlying asset and preserve investor protections.
The custodial model provides the foundation for the Dinari Financial Network. Built upon that foundation, the network connects the regulated market participants responsible for issuing, distributing, trading, settling, and servicing tokenized securities. For eligible non-U.S. markets, the network also supports the movement of tokenized securities into permissionless environments, allowing assets to benefit from the composability and accessibility of public blockchains while preserving a pathway back to regulated market infrastructure. This creates a bridge between institutional capital markets and onchain ecosystems without compromising the integrity of the underlying security. For more information on restricted tokens, please see our blog post.
Capital markets rely on specialized institutions performing distinct functions across the lifecycle of a security. Broker-dealers provide investor access. Exchanges facilitate execution and liquidity. Custodians safeguard assets. Clearing firms, transfer agents, and settlement providers support post-trade operations. Issuers raise capital and maintain shareholder relationships.
The Dinari Financial Network establishes a standardized participation model that enables these institutions to support tokenized securities through a common operating framework, combining the efficiencies of tokenization with the protections, liquidity, and institutional trust of today's capital markets.
Rather than integrating multiple point solutions across brokerage, custody, clearing, settlement, shareholder servicing, and digital asset infrastructure, participating institutions connect through a shared framework designed to support the complete lifecycle of tokenized securities.
This approach enables firms to introduce tokenized securities while preserving existing customer relationships, regulatory obligations, supervisory controls, and operational workflows.
Institutions connected to the Dinari Financial Network become In-Network Participants.
In-Network Participation extends beyond technical connectivity. It provides access to a shared operating framework designed to improve the economics of offering tokenized securities.
By participating through the network, broker-dealers gain access to modernized market infrastructure, including instant settlement, streamlined post-trade operations, and standardized connectivity across participating institutions. This reduces operational complexity while lowering the cost of supporting tokenized securities throughout their lifecycle.
As additional capabilities are introduced, In-Network Participants are expected to benefit from commercial programs across the network, including settlement and clearing incentives, issuer-sponsored distribution, liquidity initiatives, and other opportunities that align the economics of participation across regulated market participants.
The Dinari Financial Network is designed to make tokenized securities a scalable business line for broker-dealers.
Participating firms gain access to the infrastructure required to support tokenized equities throughout their lifecycle, including trading, custody, clearing, settlement, shareholder servicing, corporate actions, market data, and API connectivity, while maintaining their own customer relationships and front-end experiences.
As the network expands, participating broker-dealers are expected to gain access to additional capabilities, such as:
Beyond operational capabilities, the network is designed to enable broker-dealers to participate more directly in the economics of tokenized capital markets. Over time, participating firms are expected to benefit from commercial programs introduced through the network, including settlement and clearing incentives, issuer distribution opportunities, liquidity initiatives, asset servicing programs, and other network-based commercial arrangements.
The Dinari Financial Network is designed to connect tokenized issuance with institutional distribution.
Through the network, issuers are expected to access broker-dealer distribution, secondary market liquidity, shareholder servicing, corporate actions, and issuer-sponsored dShares™ programs through a growing ecosystem of participating financial institutions.
By connecting issuers directly with regulated market participants, the network is designed to simplify the path from tokenized issuance to long-term shareholder ownership and ongoing lifecycle management.
The Dinari Financial Network is designed to support the full lifecycle of tokenized securities through a common operating framework.
Current and planned capabilities include:
Market Access
Trading & Execution
Post-Trade Infrastructure
Distribution
Commercial Participation
The Dinari Financial Network is designed around a shared participation model rather than isolated infrastructure.
Each institution contributes a specialized function within the securities lifecycle while benefiting from the capabilities introduced by other participating institutions. As broker-dealers, exchanges, issuers, custodians, and infrastructure providers join the network, participants gain access to an increasingly comprehensive operating framework without requiring bespoke integrations for every new capability.
This model enables the network to expand over time while preserving the institutional structure of public capital markets.
The Dinari Financial Network is designed to extend the institutional framework of public capital markets into tokenized securities.
Built on the custodial model pioneered by Dinari, the network connects regulated market participants through a common operating model that supports the complete lifecycle of tokenized securities – from issuance and distribution to trading, settlement, corporate actions, and shareholder servicing.
As participation expands, the network is designed to provide institutions with a more efficient, connected, and commercially aligned framework for participating in tokenized capital markets.
