> For the complete documentation index, see [llms.txt](https://docs.jaawle.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.jaawle.xyz/assets-and-prices/tokenized-shares-and-custody.md). # Tokenized shares and custody A stock market here is backed by the stock itself, in tokenized form. This page says what those tokens are, who issues them, where they sit, and what the platform does and does not do with them. ## The shares A tokenized share is an on-chain token issued against a real share held by a regulated issuer, one token per share, transferable on Base to any wallet the issuer has not blocked. It carries the share's economics: its price tracks the stock, and cash dividends are paid to the token's holder. The issuer today is Dinari; its tokens are called dShares. The platform treats the issuer as a role rather than a name: the contracts know an issuer adapter address and an order flow, so a second issuer can be added, or the current one replaced, without changing how a market works. ## Who holds what | Asset | Held by | Notes | | ------------------------------------------ | --------------------------- | ------------------------------------------------------------------------------------ | | Shares backing a stock market | the market's pool contract | the pool's own on-chain counter, realigned after a stock split | | Shares you bought outright | your wallet | yours to hold, sell back, or stake | | Shares you staked | the market's pool contract | you hold the pool's LP token instead | | USDC collateral | the position contract | paid back to your wallet on close | | Pool USDC | the pool contract | | | Shares or USDC in an order with the issuer | the adapter wallet, briefly | escrow between placing and settling an order, counted in the pool's value throughout | The platform never has custody of your assets. The adapter wallet is a transit account: what goes in comes out as the other side of an order, or is refunded if the order never completes. ## How a pool gets its shares A stock pool targets about 60 % of its value in shares. When deposits, withdrawals or price moves push it away from that target, the platform places a market order with the issuer: USDC is escrowed and shares come back, or the reverse. Orders fill during the exchange session, one at a time per market, capped in size, and a fill whose average price is too far from the oracle is refused. See [Issuer orders](/protocol/issuer-orders.md). A stock market can therefore never be more long than the shares its pool holds. That is the platform's solvency rule, not a limit of the issuer. ## Buying shares yourself The Stocks page lists the issuer's whole catalogue. A purchase is placed with the issuer on an account in your own name, paid from your wallet, and delivered to your wallet. The platform routes the order and takes a 10 bps fee; it never holds the shares. See [Buy and stake stocks](/product/buy-and-stake-stocks.md). ## Dividends The issuer pays cash dividends to whoever holds the token on the record date. Shares in your wallet are paid to your wallet. Shares in a pool are paid to the pool, which credits open longs, debits open shorts, and keeps the rest as value for its LP token. The platform takes no share of dividends. See [Dividends](/protocol/dividends.md). ## Corporate actions Stock splits change the number of tokens per share; the pool realigns its counter with its balance. Other corporate actions are handled by the issuer at the token level and, where they change the share count or pay cash, follow the same two paths. ## Before the partnership is live On the current test deployment, the issuer is simulated. Pool orders and your own purchases fill at the oracle price during the NYSE session, with mock tokens, so every flow can be used end to end while nothing is bought for real. The switch to the live issuer changes nothing in the contracts. ## What is still being confirmed with the issuer * Dividend payments to a contract address on Base, and the fields the issuer publishes for the amount and the ex-date. * Whether the issuer notifies fills or has to be polled; the platform polls today. * Amount precision on orders, so nothing is rounded in a way the issuer would refuse. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.jaawle.xyz/assets-and-prices/tokenized-shares-and-custody.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.