GLD, issued by Dinari, Inc., is a tokenized commodity-exposure product that tracks SPDR Gold Shares, a U.S.-listed exchange-traded product, through an onchain token backed one-to-one by the underlying security held in a custodial brokerage account [S1][S2][S3].

GLD gives the tokenholder economic exposure to SPDR Gold Shares (GLD), with each token kept fully backed one-to-one because a mint or burn occurs only when a corresponding order completes at the brokerage partner [S1][S3]. Buy and sell orders carry a fee of one U.S. dollar plus 0.25% when paid in USD+ on Ethereum, or one U.S. dollar plus 0.50% in USDC or USDT, with reduced flat fees on Layer 2 networks, plus network costs [S4].

Dinari, Inc. is a U.S. company registered with the U.S. Securities and Exchange Commission as a transfer agent under Section 17A(c) [S5][S6]. Each token is a dShare representing the underlying security rather than a derivative, conferring economic shareholder rights but not voting rights [S1][S2]. Tokens are offered under Regulation S and are not available in the United States or to U.S. persons, only to KYC-verified wallets across 85-plus jurisdictions, subject to AML screening [S7][S2]. Tokenholders may exit at the underlying market price; redemption is initiated by escrowing tokens, routing the order to the broker-dealer Alpaca for execution, and burning the tokens [S2][S1][S3].

Tokens are issued as ERC-20 tokens with compliance and transfer-restriction features for OFAC, AML, and securities requirements, natively on Base, an Ethereum Layer 2, Arbitrum, an Ethereum Layer 2, and Ethereum [S8]. Issuance escrows funds onchain, forwards the order to Alpaca for execution, and mints tokens upon a confirmed fill; mint and burn occur only when the brokerage order completes, preserving the one-to-one ratio [S1][S3].

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    { id: "S1", url: "https://docs.dinari.com/docs/what-is-dshare" },
    { id: "S2", url: "https://dinari.com/dshares" },
    { id: "S3", url: "https://dinari.com/api-terms" },
    { id: "S4", url: "https://docs.dinari.com/docs/fees" },
    { id: "S5", url: "https://dinari.com/privacy" },
    { id: "S6", url: "https://dinari.com/business" },
    { id: "S7", url: "https://docs.dinari.com/docs/restrictions" },
    { id: "S8", url: "https://docs.dinari.com/docs/blockchain" },
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Tokenized commodities

Dinari earns revenue from transaction fees on dShare issuance and redemption, platform fees charged to partner integrators that consume its tokenization API, and the yield spread on the Treasury reserves backing USD+. Its go-to-market is B2B — third-party wallets, brokerages, and fintechs integrate Dinari as an infrastructure layer rather than end users interacting with Dinari directly.

Dinari issues dShares — ERC-20 tokens backed 1:1 by the underlying equity or ETF, held with licensed custodians. Each share is purchased on traditional markets before the corresponding token is minted, so token prices track real market pricing. The catalog covers 150+ tokenized stocks and ETFs (e.g. AAPL, NVDA, TSLA, SPY). Dinari also issues USD+, a Treasury-backed yield-bearing stablecoin. Products are available on Arbitrum, Base, Blast, Ethereum, Avalanche, and Plume.

Dinari is a US-based fintech that operates as an SEC-registered transfer agent, providing infrastructure for tokenizing publicly traded US equities and ETFs as onchain assets called dShares. Rather than serving end users directly, Dinari positions itself as a B2B infrastructure layer used by partner platforms (e.g. Gemini, Cadana, Fasset) to offer tokenized US securities across 80+ countries.

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Real-world asset (RWA) issuers

Dinari

Dinari SPDR Gold Shares (GLD) is a token tracking gold, backed by dedicated collateral, issued by Dinari through Dinari, Inc.

Each token tracks one troy ounce of gold and is a collateral-backed contractual exposure rather than a direct claim on the issuer.

The backing metal is held in vaults operated by Alpaca Securities LLC on a segregated basis.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Dinari after completing KYC, and holders have a contractual right to redeem.

Dinari, Inc. is incorporated in the United States and is offered under an SEC Regulation S exemption.

Holder terms are governed by the law of Delaware in the United States.

GLD has been issued on public blockchains since December 2024 and is native to Arbitrum One, Base, Ethereum, Avalanche, Blast, and HyperEVM.

Dinari SPDR Gold SharesGLD

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