Dinari, an onchain protocol that offers tokenized securities trading, has been granted a broker-dealer license to operate in the United States.
The move comes as onchain securities and commodities have become a major talking point in 2025, and makes Dinari the first U.S.-regulated platform for trading stocks and exchange-traded funds (ETFs) onchain. Dinari’s U.S. offerings are set to go live in the coming months as it works alongside the Securities and Exchange Commission (SEC), according to Reuters.
Centralized exchange Gemini also announced a partnership with Dinari today, which will make tokenized MSTR (Strategy) stock available to its Europe-based users, and promises “more tokenized stocks and ETFs in the coming days.”
This marks the latest pro-crypto policy change under the Trump administration. Since the change in leadership, the SEC has dropped nearly every pending investigation and legal action towards established DeFi and crypto companies, which are now being welcomed with open arms.
While many of the changes, such as the approval of perpetual futures and the repeal of obscure broker-dealer accusations, were expected, the SEC’s decision to green-light tokenized stock trading comes as somewhat of a surprise, considering the legal complexities surrounding financial markets in general.
The development is a seismic shift away from the SEC’s hostile attitude towards tokenized securities under the Biden administration, which resulted in Mirror Protocol being subpoenaed by the agency in November 2021 shortly after it was exploited.
Recently, Opening Bell, a product launched by Superstate and Compound founder Robert Leshner, unveiled its tokenized securities trading platform, and other major players such as Coinbase and Hyperliquid are presumed to be working on their own platforms.
Dinari, which launched in 2021, enables the trading of dShares, which are one-to-one backed tokenized securities, such as AAPL.d (Apple) or AMZN.d (Amazon). The product publishes its holdings directly on its website for prospective users to view, in order to meet both the SEC and DeFi market’s transparency expectations.
The platform has also reached a new all-time high total-value locked (TVL) of $58 million, a 760% increase since the beginning of March, when the on-chain securities conversation became much more serious after Coinbase’s CFO, Alesia Haas, teased the idea of regulated security tokens.
