xStocks vs Dinari vs Ondo, compared
Ondo, Dinari and xStocks (Backed) are the three largest neutral issuers of tokenized US stocks. They look similar - all cash-settled trackers - but differ sharply on backing, regulation and whether you can redeem as a retail user. Here they are side by side.
| Issuer | Trust | Backing & attestation | Regulation | Retail mint/redeem | Settles on |
|---|---|---|---|---|---|
| Ondo Global Markets438 tokenized assets | 71 | Note collateralised 1:1-plus-buffer by the underlying securities held at US broker-dealers, with daily Ankura attestations (also security agent). First to DTC-back tokenized equities (Jul 2026) - so far only CRCLon & SPYon. | BVI-issued note (offshore) | Eligible non-US only (US + ~39 jurisdictions excluded); KYC, cash at then-value | Ethereum, BNB, Solana, HyperEVM |
| xStocks (Backed Finance)71 tokenized assets | 67 | FMA-prospectus SPV with a security agent; no Big4 audit. Distributed via Kraken and DEX/CEX. | Liechtenstein FMA prospectus (EU/EEA) | No - redemption is professional-only (cash) | Solana, Ethereum, BNB, TON, Mantle |
| Dinari dShares249 tokenized assets | 58 | 1:1 backed, held in street-name; holder is beneficial owner (dividends passed through) with a cash/stablecoin exit, not registered title. ~$15M AUM. | US - SEC-registered transfer agent + FINRA broker-dealer | Yes - mint/redeem with KYC, cash at NAV | Arbitrum |
Trust score (1-100) is the issuer's best listing - it weighs backing, attestation and redemption; see methodology. Every token here is a cash-settled debt tracker: price exposure and cash redemption, never voting rights or a physical share.
The three programs at a glance
Ondo, Dinari and Backed (xStocks) are the three largest neutral tokenized-equity issuers, and they differ most on backing, regulation and whether a retail user can actually redeem. All three issue cash-settled trackers - the token follows the share price and redeems for cash, not for a real share or a vote.
Backing and regulation
Ondo scores highest in our model on its backing: each token is a BVI-issued note collateralised 1:1-plus-buffer by the underlying security held at US broker-dealers, with daily attestations by Ankura (which also acts as security agent). In July 2026 it became the first to back tokenized equities with DTC entitlements carrying the same CUSIP as the share - though so far only for two tokens, Circle and the S&P 500 ETF. Dinari is the most US-regulated - a SEC-registered transfer agent with a FINRA broker-dealer - holding shares in street name on the holder’s behalf, and is small by assets. Backed (xStocks) runs an EU FMA-prospectus SPV with the widest chain and venue distribution, but has no Big4 audit.
Can you actually redeem?
This is where they split most clearly. Ondo and Dinari both offer retail mint and redeem directly (after KYC, settled in cash), though Ondo is open to eligible non-US investors only - US persons and around 39 jurisdictions are excluded. Backed does not offer retail redemption at all: on-chain you buy and sell xStocks on a market, and issuer redemption is reserved for professional participants. If a direct exit matters to you, that favours Ondo or Dinari.
Browse each issuer's full list: Ondo · Dinari · xStocks. See also holder rights explained.