Issuer comparison

Ondo Global Markets vs Dinari

Ondo Global Markets runs 380 tokens in this index ($1.00b), Dinari runs 189 ($15.0m). They overlap on 123 tickers — the cases where you genuinely choose an issuer rather than a venue.

Attribute	Ondo Global Markets	Dinari
Legal entity	Ondo Global Markets (BVI) Limited	Dinari Inc.
Jurisdiction	British Virgin Islands	United States
What the token is	Ondo tokenized stocks are total-return tracker tokens: they reflect the price of the underlying plus dividends reinvested net of withholding tax. The issuer describes them as tracking total return rather than the raw share price, so a token can represent more than one share over time.	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	Underlying securities held through Ondo's brokerage arrangement; the issuer is the legal counterparty.	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	Held by the issuer's brokerage/custody partners (BVI issuer entity).	Brokerage custody at Alpaca; token contracts on the listed chains.
Chains	binance-smart-chain, ethereum, hyperevm, solana	arbitrum-one, avalanche, base, ethereum, hyperevm, hyperliquid
Redemption	Mint and redeem against USDon on the Ondo Stocks platform, subject to KYC and eligibility. Dividends are reinvested net of 30% US withholding for US dividends.	Redeem by escrowing dShares; the sell order is routed to Alpaca and the proceeds are transferred back after the fill.
Minimum ticket	$1.00	not published
Fees	No fee schedule is published. Ondo states that the quote may be slightly better or worse than the price at which it trades the underlying, and that any difference and any fees are retained by Ondo. Gas is paid by the investor.	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	Not available to persons in the United States, Canada, Russia, Belarus, Iran, North Korea, Syria, Cuba, Libya, Myanmar, Somalia, South Sudan, Sudan, Afghanistan, occupied regions of Ukraine, or to US persons under Regulation S. KYC required before minting.	Retail access runs through Dinari's partners; eligibility is the partner's KYC and jurisdiction rules.
Tickers	380	189
Combined market value	$1.00b	$15.0m
Issuer's own wording	“the price may be slightly more (or less) than the price at which Ondo Stocks buys (or sells) the underlying stock, with any difference and any fees being retained by Ondo...” source	“A dShare™ is a token 1:1 backed by a security, commonly a U.S. equity.” source

Tickers both issuers tokenize (123)

Open one to see both tokens priced against the same share.

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