USD+, issued by Dinari, Inc., is a yield-bearing stablecoin that maintains a value of one U.S. dollar (USD) and is backed entirely by cash and short-term U.S. Treasury holdings managed under a Treasury yield strategy [S1][S2].

Holders of USD+ receive economic return generated by the token's portfolio of short-term U.S. Treasuries and cash equivalents, which Dinari benchmarks against the Bloomberg U.S. Treasury Floating Rate Bond Index [S1][S2]. The stablecoin yields a return cited at an annual percentage yield (APY) of 3.45% as of June 11, 2025 [S2]. USD+ also serves as a settlement and distribution asset for dividends paid on Dinari dShares, where a 5% standard dividend fee applies before distribution [S3][S4].

USD+ is issued by Dinari, Inc., a United States company registered with the U.S. Securities and Exchange Commission (SEC) as a transfer agent under Section 17A(c) [S5][S6]. The token represents a stablecoin claim maintaining a one U.S. dollar value, backed by reserve assets held entirely with a third-party custodian [S1][S2]. Issuance and redemption are restricted to wallets that complete KYC verification, and Dinari screens against an excluded-jurisdiction list as part of its OFAC and AML program [S7][S8]. USD+ offers a guaranteed redemption value of one U.S. dollar with no holding period [S2].

USD+ is issued onchain as an ERC-20 token with compliance and transfer-restriction features supporting OFAC, AML, and securities requirements [S9]. Supported networks include Ethereum Mainnet, Arbitrum, Base, Avalanche, Hyperliquid, and Plume [S9]. Tokens are minted on deposit and burned on redemption, with redemption typically settling at one U.S. dollar on a T+0 basis [S2][S9].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://docs.dinari.com/docs/what-is-usd" },
    { id: "S2", url: "https://dinari.com/usdplus" },
    { id: "S3", url: "https://docs.dinari.com/docs/dividends" },
    { 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://dinari.com/dshares" },
    { id: "S8", url: "https://docs.dinari.com/docs/restrictions" },
    { id: "S9", 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 funds

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 USD+ (USD+) is a token providing exposure to a tokenized fund issued by Dinari through Dinari, Inc. and managed by Dinari, Inc.

Each token is a collateral-backed contractual exposure rather than a direct claim on the issuer.

The fund is open-ended, invests in U.S. multi-asset, keeps its assets in accounts segregated from the issuer's own funds, and locks up subscriptions for 0 months.

Retail investors and institutions can mint and redeem directly with Dinari in USDC after completing KYC, and holders have a right to redeem at net asset value with two-to-five-business-day settlement.

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.

USD+ has been issued on public blockchains since November 2023 and is native to Ethereum, Arbitrum One, and Base.

Dinari USD+USD+