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

PPLT gives the tokenholder economic exposure to abrdn Physical Platinum Shares ETF (PPLT), 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].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { 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" },
  ]}
/>


# Circulating asset market cap methodology

## 1. Overview

Circulating asset market cap measures the total value that has been tokenized onchain for a specific asset. It is calculated by multiplying the circulating supply of the asset by its end-of-day market price. For stablecoins, this metric represents the total outstanding supply; for tokenized funds, it reflects the onchain assets under management (AUM); and for tokenized stocks, it measures the total supply of shares issued onchain.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering Ethereum, Arbitrum, Base, Polygon, Optimism, and others
- **Solana instructions**: SPL token `Mint` and `Burn` instructions
- **Other blockchain data**: Issuance and redemption events from Aptos, Near, Polkadot Asset Hub, and Stellar
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Identification of supply changes

- **Purpose**: Identify all onchain events that increase or decrease the total supply of an asset
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed to identify mints (where the sender is the zero address) and burns (where the recipient is the zero address). On Solana, SPL token `Mint` and `Burn` instructions are retrieved. On other chains, such as Aptos or Polkadot Asset Hub, equivalent issuance and destruction events are identified from the respective asset programs or pallets.
- **Key fields**: `amount` (quantity of tokens), `token_address` (unique asset identifier), `timestamp` (time of the event)

### Component B: Normalization and daily supply aggregation

- **Purpose**: Convert raw event data into a continuous daily circulating supply time series
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. The daily circulating supply is determined by calculating the cumulative sum of all identified mint and burn events for each asset. For days where no onchain activity occurs, the supply value is filled with the last known value to ensure a continuous daily record.
- **Key fields**: `amount` (normalized quantity), `timestamp` (truncated to daily grain)

### Component C: Final market cap calculation

- **Purpose**: Combine supply data with market prices to determine the total USD value
- **Logic**: The daily circulating supply is multiplied by the end-of-day market price sourced from market data providers. Data is aggregated across all supported chains to provide a comprehensive view of the asset's onchain presence. The final USD conversion is applied: `amount_usd = amount × price_usd`.
- **Key fields**: `price_usd` (end-of-day market price), `amount_usd` (final circulating market cap)

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

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Circulating asset market cap

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 abrdn Physical Platinum Shares ETF (PPLT) is a platinum-backed token issued by Dinari through Dinari, Inc.

Each token represents one troy ounce of platinum and is a direct claim on the issuer.

The backing metal is held in vaults operated by Alpaca Securities LLC.

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.

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

Dinari abrdn Physical Platinum Shares ETFPPLT