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 Fees Methodology

## 1. Overview

Fees measures the total economic value generated by the assets backing Dinari USD+. This metric captures the gross yield produced by the underlying collateral before any protocol-level fee deductions are applied. It serves as a primary indicator of the protocol's ability to generate value through its yield-bearing stable asset infrastructure.

## 2. Data sources

- **Blockchain events**: `BalancePerShareSet` events from `Dinari USD+` contracts, covering Ethereum, Arbitrum, and Base
- **External data**: Circulating market capitalization and asset metadata for Dinari USD+

## 3. Step-by-step calculation

### Component A: Balance per share tracking

- **Purpose**: To track the daily change in the value of Dinari USD+ relative to its underlying backing.
- **Logic**: `BalancePerShareSet` events are parsed from both V1 and V2 `Dinari USD+` contracts across all supported chains. The value is extracted and normalized by decimal precision. An end-of-day value is established by selecting the final recorded event for each UTC day, which represents the current exchange rate between the asset and its collateral.
- **Key fields**: `balancePerShare`

### Component B: Supply-side yield calculation

- **Purpose**: To calculate the total USD value distributed to holders of the Dinari USD+ asset.
- **Logic**: The daily change in the balance per share is determined by subtracting the previous day’s value from the current day’s value. This delta is then multiplied by the circulating market capitalization of Dinari USD+ for the corresponding day and chain. This calculation represents the supply-side fees, which is the net yield distributed to asset holders.
- **Key fields**: `asset_market_cap_circulating`

### Component C: Total fees derivation

- **Purpose**: To calculate the gross fees generated by the protocol.
- **Logic**: A fixed multiplier is applied to the supply-side yield to account for the protocol's share of the generated interest. Total fees are calculated by multiplying the supply-side yield by a factor of 10/9. This step ensures the metric reflects the total economic value generated by the underlying assets prior to the protocol's revenue extraction.
- **Key fields**: `fees_supply_side`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value users pay to use a protocol (gross fees, user-paid fees).

Dinari

Fees

Fees

Competitive landscape

Chain breakdown