Solana Foundation launches DvP settlement program for institutional trades

The Solana Foundation has launched Solana DvP, an open-source delivery-versus-payment program designed to let financial institutions settle trades atomically on-chain in seconds. Developed with input from JPMorgan, the audited tool eliminates traditional counterparty risk by ensuring both legs of a transaction complete together or fail entirely. The launch builds on Solana's growing institutional traction, following pilots with major firms like BlackRock, Morgan Stanley, and Galaxy Digital.

Launch and design of Solana DvP

• ▪The Solana Foundation launched Solana DvP, an open-source delivery-versus-payment escrow program under the MIT license, on October 5, 2026
• ▪The Solana DvP program launched by the Solana Foundation is designed to replace custom, one-off smart contracts with a single open standard for institutional trade settlement across the Solana ecosystem
• ▪The Solana DvP program launched by the Solana Foundation has passed external security audits and is ready for real funds, with future plans to add privacy features for confidential settlements

Settlement speed and mechanics

• ▪The Solana DvP program launched by the Solana Foundation compresses multi-day clearinghouse and custodian processes into a single atomic transaction where both the asset and payment settle together or neither does, eliminating counterparty risk
• ▪The Solana DvP program launched by the Solana Foundation achieves transaction finality in seconds, with research showing atomic execution in under one second and finality on Solana landing at around 400 milliseconds

JPMorgan's involvement in Solana DvP

• ▪On December 11, 2025, JPMorgan arranged a $50 million commercial paper issuance for Galaxy Digital Holdings LP on the Solana blockchain using DvP functionality in USDC
• ▪JPMorgan contributed settlement expertise to the Solana DvP project launched by the Solana Foundation, shaping requirements around deadlines, escrow isolation, and regulated token extensions

Solana's token-2022 standard

• ▪Solana's upgraded Token-2022 standard eliminates the need for issuers to use custom smart contracts to represent their assets
• ▪The Solana DvP program launched by the Solana Foundation supports SPL Token and Token-2022 standards, enabling compliance features like pausable tokens, permanent delegate, transfer hooks, and wallet whitelisting

Debatable claims

• ▪Financial institutions should settle digital assets on public blockchains rather than private networks
• ▪Centralized control features on public blockchains undermine the core purpose of decentralized technology
• ▪Transaction privacy is necessary for the mass institutional adoption of blockchain settlement
• ▪Atomic on-chain settlement is superior to traditional clearinghouse systems