Issuer comparison
Backed / xStocks vs Dinari
Backed / xStocks runs 56 tokens in this index ($588.3m), Dinari runs 189 ($15.0m). They overlap on 42 tickers — the cases where you genuinely choose an issuer rather than a venue.
| Attribute | Backed / xStocks | Dinari |
|---|---|---|
| Legal entity | Backed Assets (JE) Limited | Dinari Inc. |
| Jurisdiction | Jersey | United States |
| What the token is | xStocks are tokenised debt securities issued by Backed. Each token is backed 1:1 by the underlying share or ETF held with a regulated custodian; holders have a claim against the issuer, not a share register entry. The issuer states the tokens are built to track the price of the underlying and are redeemable with the issuer. | A dShare is a token 1:1 backed by a US security. Issuance and redemption only happen against an order that has actually filled on Dinari's brokerage account (Alpaca), so the token supply follows the share position. |
| Backing | 1:1 collateral — the underlying security is bought and held in custody before a token is issued. Proof of reserves is published on the xStocks dashboard. | 1:1 backing through a brokerage account at Alpaca: a mint happens only after a buy order fills, a burn only after a sell order fills. |
| Custody | Regulated third-party custodian (see the xStocks dashboard for the current attestation). | Brokerage custody at Alpaca; token contracts on the listed chains. |
| Chains | arbitrum-one, binance-smart-chain, ethereum, hyperliquid, ink, mantle, solana, the-open-network, tron, x-layer | arbitrum-one, avalanche, base, ethereum, hyperevm, hyperliquid |
| Redemption | Redeemable with the issuer against the underlying; secondary-market exits depend on the venue. | Redeem by escrowing dShares; the sell order is routed to Alpaca and the proceeds are transferred back after the fill. |
| Minimum ticket | not published | not published |
| Fees | Backed does not publish a retail fee schedule on its site; what a buyer pays is set by the venue that sells the token (see Kraken). | Dinari does not publish a retail fee schedule. Its documentation prices the enterprise API ("Partner Fees") on request, and fees for an order can be set by the partner placing it. |
| Eligibility | Availability depends on the selling venue and the jurisdiction; xStocks are not offered to US persons. | Retail access runs through Dinari's partners; eligibility is the partner's KYC and jurisdiction rules. |
| Tickers | 56 | 189 |
| Combined market value | $588.3m | $15.0m |
| Issuer's own wording | “Backed brings stocks and ETFs to blockchain rails. xStocks are now live on multiple venues.” source | “A dShare™ is a token 1:1 backed by a security, commonly a U.S. equity.” source |
Tickers both issuers tokenize (42)
Open one to see both tokens priced against the same share.