Solana Foundation launches DvP program for faster settlement

The Solana Foundation launched Solana DvP, an open-source settlement program for financial institutions. It lets institutions transfer tokenized assets and payments in one transaction on the Solana blockchain, with settlement designed to take seconds instead of one or two days.

Announced in New York on Oct. 5, the program is available under the MIT license. Its atomic transaction either completes both transfers or does not take effect, preventing one side of a trade from settling without the other.

Solana DvP is designed as a reusable alternative to separate smart contracts created for individual trades. Banks, custodians, exchanges and other settlement agents can use the program with SPL Token and Token-2022 assets. Supported token features include pausing, permanent delegates and transfer hooks.

Delivery-versus-payment is used in securities markets to transfer an asset and payment at the same time. Traditional settlement often involves clearinghouses, depositories and custodians, which can leave capital tied up for one to two days.

JPMorgan provided input on institutional settlement practices and requirements during the program’s development. The bank did not design or operate Solana DvP, and its involvement does not represent an endorsement, approval or certification.

“A shared, open standard for atomic delivery-versus-payment is exactly the kind of foundational infrastructure institutional market participants require,” Rhodel D’Souza, JPMorgan’s head of markets digital assets, said in the announcement.

Catherine Gu, head of product for digital assets at the Solana Foundation, described atomic settlement as a way to remove counterparty risk linked to traditional settlement processes. The foundation said the code has passed external security audits and can be used with real funds. Privacy features for confidential settlements are planned.

The foundation is seeking design partners and early participants before a full production release. No major bank has committed to settling live trades through Solana DvP.

The launch follows other blockchain-based settlement projects. In June 2025, Chainlink, JPMorgan’s Kinexys and Ondo Finance completed a cross-chain DvP pilot involving a tokenized U.S. Treasury fund and payment through Kinexys. On Oct. 4, Kraken parent Payward partnered with Singapore Gulf Bank to provide 24-hour U.S. dollar settlement for selected institutional clients in Asia and the Gulf region.