The Solana Foundation has launched a new open-source settlement program designed to help financial institutions exchange tokenized assets and payments within a single blockchain transaction.
Known as Solana DvP, the system uses a delivery-versus-payment structure in which both sides of a trade settle together. If either side cannot complete, neither transfer goes through.
The Foundation says the system can bring settlement finality down to seconds instead of the multi-day settlement periods often associated with traditional financial markets.
JPMorgan provided feedback on institutional settlement practices during development, although the bank did not build, operate, approve, or endorse the program.
- Solana Foundation launched Solana DvP as an open-source delivery-versus-payment settlement program.
- The system allows the asset and payment sides of a trade to settle in one atomic blockchain transaction.
- JPMorgan provided input on institutional settlement requirements but did not develop or operate the program.
- Solana DvP supports both SPL Token and Token-2022 assets.
- Cantina completed an external security review and identified four medium-severity issues, all of which were fixed.
- SOL traded around $120.93 on Oct. 6 and was down roughly 0.8% over 24 hours.
- The Foundation is still looking for design partners and early users ahead of a broader production release.
Solana Foundation announced the DvP program on Oct. 6 and released it under the MIT open-source license.
The goal is to give financial institutions a reusable settlement standard rather than forcing every company to create a custom smart contract when settling tokenized securities.
Solana DvP settles assets and payments together
Delivery-versus-payment, commonly known as DvP, links the transfer of an asset directly to the payment made for it.
The basic idea is simple: either both sides settle successfully, or neither side does.
This helps reduce one of the biggest risks in financial settlement, where one party delivers an asset but does not receive the payment it was expecting.
With Solana DvP, both the asset and payment legs are executed through the same atomic blockchain transaction.
If the entire transaction cannot complete, no final transfer occurs.
That structure can reduce counterparty settlement risk while also simplifying the infrastructure institutions need to move tokenized assets.
Each trade uses two escrow accounts
According to Solana’s documentation, every DvP trade uses two escrow accounts.
One escrow account holds the asset being sold.
The other holds the payment asset.
Each participant sends its respective part of the transaction into escrow using a standard token transfer.
A settlement authority is selected when the trade is created.
That authority then signs the settlement once the required conditions have been satisfied.
Both transfers are executed within the same Solana transaction.
This means the asset cannot be transferred while the corresponding payment remains incomplete.
The settlement authority can be a bank or custodian
The authority overseeing settlement can be a bank, custodian, exchange, or another party agreed upon by the two counterparties.
Importantly, the authority cannot later change the payment destination addresses.
Those addresses are recorded when the trade is originally created.
This prevents the settlement authority from redirecting funds after the terms have already been agreed.
Either participant can also recover its own funded side before settlement is completed.
The settlement authority has the ability to cancel the trade as well.
Trades can include settlement deadlines
Solana DvP also supports time-based conditions.
A trade can include an expiry time.
If settlement has not occurred before that deadline, the program can reject the transaction.
Developers can also specify an earliest settlement time, preventing a trade from being finalized before a predetermined moment.
These controls can be useful for financial institutions that need settlement windows tied to legal agreements, market hours, or operational processes.
Solana DvP does not replace an entire trading platform
The new program handles settlement, but it does not provide every function needed to operate a securities market.
Solana’s documentation makes clear that DvP does not include an order book.
It does not provide price discovery.
There is no built-in matching engine, netting system, or support for partial fills.
The program also does not perform know-your-customer checks or determine whether someone is legally eligible to hold a particular asset.
Any restrictions around investor eligibility must be enforced through the token itself or through other infrastructure connected to the transaction.
In other words, DvP is a settlement layer rather than a complete exchange.
Both sides must exist on Solana
Atomic settlement also has an important limitation.
Both sides of a supported DvP trade must be represented by token accounts on Solana.
If one side of a transaction uses a traditional off-chain payment system, the program cannot atomically settle that payment together with the on-chain asset.
That off-chain leg would have to be reconciled separately.
The strongest benefits of DvP therefore apply when both the asset and the payment are represented on-chain.
JPMorgan advised on settlement practices but did not build the system
JPMorgan’s involvement is one of the more notable parts of the announcement, but the scope of the bank’s role is limited.
JPMorgan provided Solana Foundation with input about institutional settlement practices and requirements.
The bank did not design the Solana DvP program.
It did not develop the code.
It is not identified as the operator.
The Foundation also makes clear that JPMorgan’s involvement should not be interpreted as approval, certification, a performance guarantee, or a commitment by the bank to use the system commercially.
That distinction is important when describing the relationship.
JPMorgan has previous blockchain settlement experience
Although JPMorgan did not build Solana DvP, the bank has experience with blockchain-based delivery-versus-payment systems.
Its Kinexys platform participated in a May 2025 settlement involving Ondo and Chainlink.
That transaction connected JPMorgan’s permissioned payment infrastructure with Ondo’s public blockchain-based system.
Chainlink technology coordinated payment with the purchase of tokenized U.S. Treasury assets.
Ondo described the transaction as its first cross-chain atomic DvP settlement involving the Ondo Chain testnet.
Solana DvP takes a different approach because both supported token legs settle directly on Solana through a reusable public program.
Solana is expanding its institutional infrastructure
The DvP launch is part of a broader push by Solana Foundation to make the network more useful for financial institutions.
Earlier in 2026, Mastercard, Western Union, and Worldpay joined the Solana Developer Platform as early users.
Their use cases included areas such as stablecoin settlement and payments.
The DvP program is now accessible through the Markets module of that developer platform.
Other modules focus on areas such as token issuance and payments.
Together, these products suggest that Solana Foundation is building a broader set of tools for institutions that want to issue, move, and settle tokenized assets.
Solana DvP supports SPL Token and Token-2022
The settlement program works with both Solana’s original SPL Token standard and Token-2022.
That means one side of a transaction can potentially use an asset created under one token standard while the other uses the second standard.
Token-2022 includes several additional features designed to give issuers more control over how assets behave.
Solana Foundation said DvP supports features such as permanent delegates, pausable tokens, and transfer hooks.
These controls can be particularly relevant for regulated financial products.
Regulated issuers can maintain token controls
Some token issuers need the ability to freeze assets, pause transfers, or enforce specific restrictions.
Token-2022 supports several of those functions.
For example, a freeze authority can freeze an escrow token account.
A pause authority can stop transfers.
Permanent delegates may also retain certain powers over escrowed tokens according to the rules built into the underlying asset.
These features could make the system more practical for regulated issuers that cannot rely on completely unrestricted token transfers.
Some Token-2022 configurations are not supported
Solana DvP does not support every Token-2022 extension.
According to the technical documentation, tokens using TransferFee, InterestBearing, ScaledUiAmount, or NonTransferable extensions are rejected when a trade is created or settled.
That means institutions need to verify whether their specific token configuration is compatible with the settlement program before attempting to use it.
The program therefore offers broad support, but it is not universally compatible with every Solana token design.
Atomic settlement does not remove every financial risk
Solana DvP reduces the risk that one party delivers an asset without receiving payment.
However, it does not eliminate every risk associated with tokenized securities.
For example, the settlement system does not protect investors from issuer credit risk.
It also does not remove redemption risk.
If the underlying issuer fails to honor its obligations, atomic blockchain settlement does not solve that problem.
The DvP program improves transaction settlement, but the quality of the underlying asset still matters.
Solana DvP is already listed on mainnet-beta
Solana Foundation’s documentation lists the same DvP program on both mainnet-beta and devnet.
As of Oct. 2, the mainnet program ID was listed as:
dvp34bdbcEm4f4FCUjGV4mDAkDshaQR4LkK8fdcsyZq
The program remains upgradeable.
That means the Foundation can still make changes to its code as the system develops.
The existence of the program on mainnet-beta does not necessarily mean large financial institutions are already settling commercial volumes through it.
The Foundation has not yet disclosed live institutional transaction volumes from named customers.
Cantina security review identified 21 findings
Security firm Cantina completed an external review of the Solana DvP code.
The audit took place between May 21 and May 28.
Cantina reported 21 findings in total.
Four were rated medium severity.
Six were classified as low risk.
Another 11 were categorized as informational findings.
All four medium-risk issues were fixed before the Foundation publicly announced the launch.
Some lower-risk issues remain acknowledged
Of the six low-risk findings, three were fixed and three were acknowledged.
Five informational issues were fixed, while six were acknowledged.
One medium-risk issue involved a situation in which a closed token mint could prevent recovery of the other funded side of a transaction.
Cantina later confirmed that the Foundation had fixed the problem.
Another medium-risk issue involved token accounts requiring transaction memos.
Without support for those memos, settlement or refunds could fail.
The updated DvP program added the necessary memo instruction support.
Foundation says the program is ready for real funds
Solana Foundation says DvP has completed external security audits and is ready to be used with real funds.
However, the project’s current status still requires some nuance.
The Foundation is continuing to seek design partners and early participants ahead of what it describes as a production release.
It has not announced a date for that production release.
It has also not named financial institutions currently using Solana DvP for live commercial settlement at scale.
The technology is therefore available, but adoption is still at an early stage.
Privacy remains an unfinished feature
Another limitation is privacy.
The current DvP implementation settles token amounts publicly on-chain.
That remains true even when the underlying asset supports Solana’s ConfidentialTransfer extension.
For institutional markets, public transaction values can be a concern because some participants may not want competitors or other observers to see settlement amounts.
Solana Foundation says confidential settlement is planned for a future version.
No launch date has been provided for that feature.
SOL remains near $121 after the launch
The DvP announcement has not produced an obvious standalone rally in SOL.
CoinGecko showed SOL trading near $120.93 at the time referenced in the article.
Its 24-hour trading range was approximately $118.97 to $122.01.
SOL was down roughly 0.8% during the previous 24 hours while remaining around 1.8% higher over seven days.
The token’s market capitalization stood near $71.15 billion.
Twenty-four-hour trading volume was roughly $2.55 billion.
Those market figures do not establish that the DvP announcement directly caused SOL’s price movement.
Tokenized assets are already a major part of Solana
Solana already hosts billions of dollars in tokenized real-world assets.
Earlier data placed distributed RWA value on the network at roughly $4.23 billion in early September.
Solana had attracted approximately $348 million in net real-world asset flows over the preceding 30 days.
Major financial and crypto companies had tokenized products represented on the network.
These included BlackRock, Franklin Templeton, VanEck, Circle, Ondo, and WisdomTree.
This existing asset base could provide a natural market for settlement infrastructure such as DvP.
State Street and Galaxy have also used Solana
Institutional activity on Solana has expanded beyond token issuance.
State Street and Galaxy have used the network for tokenized cash products.
The State Street Galaxy Onchain Liquidity Sweep Fund launched in May and supports stablecoin subscriptions and redemptions for eligible institutional investors.
That gives Solana an existing ecosystem of tokenized products that may eventually benefit from standardized settlement infrastructure.
Still, each institution would need to decide whether Solana DvP fits its operational, legal, and compliance requirements.
What Solana DvP could change for institutional settlement
The main attraction of Solana DvP is standardization.
Financial institutions often need custom settlement infrastructure when working with tokenized securities.
A reusable open-source standard could reduce the need to build a new smart contract for every transaction or partnership.
Atomic settlement also reduces principal risk because payment and asset delivery happen together.
The system could be particularly useful as more financial products move onto public blockchains.
However, the program still has important limitations.
It lacks privacy today.
Both transaction legs must exist on Solana for true atomic settlement.
It does not perform KYC or eligibility checks.
It does not offer order matching or price discovery.
And it has not yet demonstrated large-scale commercial settlement through publicly named institutional users.
Solana’s next challenge is real institutional adoption
The technical launch is only the first step.
For Solana DvP to become meaningful financial infrastructure, institutions will need to use it repeatedly for real transactions.
Important metrics will include settlement volume, the number of participating institutions, tokenized asset types, transaction frequency, and reliability under production conditions.
The Foundation will also need to deliver planned features such as confidential settlement.
If banks, asset managers, custodians, and exchanges begin using the system at scale, Solana could strengthen its position in the growing market for tokenized financial infrastructure.
For now, Solana DvP provides an open-source framework for atomic settlement and gives institutions another tool for moving tokenized assets and payments on public blockchain infrastructure.
