The Solana Foundation has launched Solana DvP, an open-source delivery-versus-payment program designed to give financial institutions a standard way to settle assets and payments onchain.
DvP forms the foundation of securities settlement because it moves an asset and its corresponding payment simultaneously. Solana DvP aims to execute both legs in a single atomic transaction, meaning either the entire trade settles or neither side moves.
That could reduce settlement risk and capital constraints associated with traditional markets, where clearinghouses, depositories, custodians, and other intermediaries can tie up capital for 1 to 2 days. Solana DvP aims to compress that process into seconds.
"Atomic settlement removes counterparty risk that is inherent in traditional finance. Solana DvP program provides institutions with one open standard across the Solana ecosystem, on public infrastructure, with finality in seconds instead of days." – Catherine Gu, Head of Product, Digital Assets, Solana Foundation.
A Standard for Institutions
Until now, institutions settling trades onchain have typically relied on bespoke smart contracts built for individual use cases. Solana DvP introduces a shared standard that counterparties can adopt across the Solana ecosystem.
The program uses isolated escrow, enforces settlement deadlines, and supports SPL Token and Token-2022 assets. That includes Token-2022 extensions that regulated issuers may require, such as pausable tokens, permanent delegates, and transfer hooks.
The design also allows counterparties to work with any settlement agent, including banks, custodians, and exchanges.
Solana Foundation released the program under the MIT license, making it permissionless and open for others to adopt and build upon.
J.P. Morgan Provided Settlement Expertise
J.P. Morgan contributed input on securities settlement practices and institutional requirements during the development process.
That input helped shape requirements around escrow isolation, settlement deadlines, and token extensions used by regulated issuers. The project combines that settlement input with Solana's infrastructure.
“A shared, open standard for atomic delivery-versus-payment is exactly the kind of foundational infrastructure institutional market participants require to operate at scale without introducing settlement risk and counterparty exposure. We were pleased to contribute our settlement expertise.” – Rhodel D’Souza, Head of Markets Digital Assets, J.P. Morgan.
DvP Comes to Solana Developer Platform
Institutions can access DvP through the Markets module of the Solana Developer Platform, or SDP. The platform brings Issuance, Payments, and Markets together to support enterprises building financial products on Solana.
The foundation launched SDP in March as a broader effort to simplify the development of compliant and scalable financial applications.
DvP therefore sits within a wider push to provide institutions with infrastructure covering asset creation, money movement, and settlement.
Ready for Real Funds
The Solana Foundation says Solana DvP has completed external security audits and is ready for use with real funds.
The foundation also plans to add privacy features that could allow institutions to keep settlement details confidential while retaining the benefits of atomic settlement.
For now, the foundation is seeking design partners and early participants ahead of the production release. Ultimately, Solana DvP aims to give institutions a common settlement rail for onchain markets while reducing the time and counterparty exposure associated with moving assets and payments separately.
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