Partners/
Hyperliquid
$SPCXD became the first tokenized U.S. equity to trade on HyperCore, demonstrating how Dinari's dShares™ can serve both regulated financial institutions and permissionless onchain markets through a single asset architecture.
$11.8M+
Trading Volume (First Month)
First spot U.S. equity on HyperCore
Launch
SPCXD (SpaceX dShares™)
Asset
24/7 spot trading on HyperCore
Market
Historically, tokenized equities have forced the market to choose between two very different worlds.
Regulated financial platforms require identity verification, investor protections, and compliance controls.
Permissionless DeFi prioritizes composability, interoperability, and open access.
Most tokenized equity models have been designed for one environment or the other.
Dinari set out to build for both.
By launching SPCXD as the first spot U.S. equity on HyperCore, Dinari demonstrated how a single tokenized security can move across regulated financial infrastructure and permissionless blockchain environments without compromising the integrity of the underlying asset.
Within its first month of trading, SPCXD generated more than $11.8 million in trading volume, demonstrating strong demand for regulated spot equities within one of crypto's largest onchain trading ecosystems.
As tokenized securities continue to mature, investors increasingly expect them to work across the broader digital asset ecosystem.
Financial institutions require regulated infrastructure that preserves investor protections and aligns with existing market standards.
DeFi users expect assets that can move freely across wallets, protocols, and decentralized exchanges.
Historically, these requirements have been difficult to reconcile. Many products either optimize for regulatory compliance or permissionless composability, forcing issuers and investors to choose between the two.
Dinari believed tokenized securities should not require that tradeoff.
Hyperliquid became an ideal proving ground for Dinari's architecture.
Built on Dinari's custodial model of tokenization, each dShare™ maintains a direct connection to a corresponding U.S. security held through regulated custody. Unlike synthetic products that provide only economic exposure, dShares™ are backed 1:1 and are designed to preserve the rights and protections associated with traditional securities, including cash dividends, corporate actions, redemption rights, and a protected claim to the backing security.
What makes dShares™ unique is their flexibility.
Within regulated environments, investors can access the full benefits of Dinari's custodial model.
When a dShare™ moves into a permissionless environment such as HyperCore, it enters a restricted state. In this state, the token remains freely transferable and composable across supported onchain applications, while certain ownership rights are temporarily suspended until the asset returns to a verified environment. Once it returns, those rights are automatically restored.
Rather than creating separate institutional and DeFi versions of the same asset, Dinari enables a single tokenized security to support both regulated financial platforms and permissionless blockchain ecosystems.
Launching SPCXD on HyperCore demonstrated that regulated U.S. equities can successfully participate in one of crypto's most active trading ecosystems.
Within the first month, $SPCXD generated more than $11.8 million in spot trading volume, highlighting strong demand for regulated tokenized equities within a permissionless environment.
Beyond the trading activity, the launch established another industry first by bringing the first spot U.S. equity to HyperCore. It showed that investors no longer need to choose between regulated market infrastructure and onchain accessibility. Through dShares™, both can exist within the same asset architecture.
The future of tokenized securities won't be defined by where they are issued.
It will be defined by where they can move.
As blockchain adoption expands across both traditional finance and decentralized applications, tokenized securities need the flexibility to operate across very different environments without fragmenting liquidity or requiring multiple versions of the same asset.
Dinari's architecture was designed with that future in mind.
By combining its custodial model with a restricted-state framework, dShares™ can support regulated broker-dealers, fintechs, exchanges, and institutional platforms while also participating in permissionless DeFi ecosystems when appropriate.
The launch of $SPCXD on Hyperliquid demonstrates that these two worlds don't need to exist in isolation. They can be connected through a single regulated asset.
Institutional finance and decentralized finance are often discussed as competing models. In reality, they are increasingly becoming complementary distribution channels for the same financial assets.
As tokenized securities continue to gain adoption, investors will expect them to move seamlessly between regulated financial platforms and blockchain-native applications without sacrificing investor protections or composability.
With dShares™, Dinari is building toward that future.
The launch of $SPCXD on Hyperliquid represents more than another integration. It demonstrates how regulated U.S. equities can expand into permissionless markets while preserving the architecture needed to support institutional adoption.
