Solana Foundation has launched an open-source settlement program that lets financial institutions exchange tokenized assets and payments in one transaction, with the Foundation saying trades can reach finality in seconds.
Summary
- Solana DvP lets institutions settle asset and payment transfers together through one atomic blockchain transaction.
- JPMorgan provided settlement input, but did not design, operate, approve, or endorse Solana DvP itself.
- The program supports SPL Token and Token-2022 assets, including controls used by regulated issuers today.
- Cantina audited the code, with four medium-severity findings fixed before the Foundation announced launch publicly.
- SOL traded near $120.93 on October 6, while CoinGecko showed 0.8% losses over twenty-four hours.
Solana Foundation announced Solana DvP on Oct. 6 as a reusable delivery-versus-payment program released under the MIT license. JPMorgan provided input on securities settlement practices while the Foundation developed the infrastructure.
Delivery-versus-payment links the delivery of an asset to the payment for it. Under Solana DvP, both legs settle together or neither transfer takes effect. The setup is designed to replace custom settlement contracts that institutions have often needed when moving tokenized securities on public blockchains.
Catherine Gu, head of product for digital assets at Solana Foundation, said the program provides institutions with one open settlement standard and described finality as occurring “in seconds instead of days.” The timing is a Foundation claim and the launch notice does not provide live institutional volume or performance data from named customers.
Solana DvP puts the asset and payment in one trade
Solana’s official documentation states that each trade uses two escrow accounts, one for the asset and one for its payment. Each participant sends its part of the transaction into escrow using a standard token transfer.
A settlement authority named when the trade is created then signs the settlement. Both transfers execute inside one Solana transaction. If the full transaction cannot complete, neither side changes hands.
The authority can be a bank, custodian, exchange or another party chosen by the two counterparties. It cannot later change the payment destinations because those addresses are recorded when the trade is created. Either participant can recover its own funded leg before settlement, while the settlement authority can cancel the transaction.
Deadlines can be written into each trade. Solana’s documentation says the program rejects settlement after the expiry time and can prevent settlement before a specified earliest time.
The system does not provide every part of a trading platform. Solana’s documentation says DvP contains no order book, price discovery, matching, netting or partial fills. It does not perform KYC or holder-eligibility checks either. Any eligibility restrictions must come from controls attached to the token itself.
Both sides of a DvP trade must be token accounts on Solana. If one side uses an existing off-chain payment rail, the program cannot atomically settle that leg and it must be reconciled separately.
JPMorgan gave input but did not build Solana DvP
JPMorgan’s participation was limited to advising Solana Foundation on the settlement practices and requirements used by financial institutions.
Rhodel D’Souza, JPMorgan’s head of markets digital assets, said a shared standard for atomic delivery-versus-payment is the type of infrastructure institutional firms require when operating at scale.
The Foundation’s release draws a clear line around the bank’s role. JPMorgan did not design or develop Solana DvP and is not identified as its operator. Its participation should not be taken as approval, certification, a performance guarantee or a commitment to use the program commercially.
JPMorgan already has experience with blockchain-based DvP structures. As previously reported in crypto.news coverage of JPMorgan’s tokenized Treasury settlement with Ondo and Chainlink, Kinexys participated in a May 2025 transaction that connected its permissioned payment network with Ondo’s public blockchain infrastructure.
The transaction used Chainlink technology to coordinate payment with the purchase of tokenized U.S. Treasuries. Ondo described it as its first cross-chain atomic delivery-versus-payment settlement involving the Ondo Chain testnet.
Solana DvP takes a different approach because both token legs of a supported trade settle on Solana through a reusable public program.
The latest program sits alongside another institutional push from Solana Foundation. As crypto.news reported in coverage of Solana’s enterprise developer platform, Mastercard, Western Union and Worldpay joined the Solana Developer Platform as early users this year for use cases including stablecoin settlement and payments.
Solana’s DvP website says the settlement program can now be accessed through the Markets module of that developer platform. Its other modules cover token issuance and payments.
Solana DvP supports controls used by token issuers
Solana DvP works with the original SPL Token standard and Token-2022, allowing a trade to combine assets created under the two systems.
The Foundation said the program supports Token-2022 features such as permanent delegates, pausable tokens and transfer hooks. Such controls can be used by issuers that need the ability to restrict, freeze or manage token transfers.
Several Token-2022 configurations are not supported. Solana’s technical documentation says tokens using TransferFee, InterestBearing, ScaledUiAmount or NonTransferable extensions are rejected when a trade is created or settled.
The program does not remove risks attached to the asset itself. Solana’s documentation says atomic settlement removes the risk of one counterparty delivering its side while the other fails to deliver, but it does not remove issuer credit or redemption risk.
Token authorities retain certain powers. A freeze authority can freeze an escrow account, while a pause authority can halt transfers. Permanent delegates can act on escrowed tokens under the rules of the token involved.
Solana Foundation’s documentation lists the same DvP program on mainnet-beta and devnet. The mainnet program ID was recorded as dvp34bdbcEm4f4FCUjGV4mDAkDshaQR4LkK8fdcsyZq as of Oct. 2. The program remains upgradeable.
Security review found four medium-risk issues
Cantina has completed an external security review of the DvP program.
The security firm reported 21 findings from its May 21–28 review. Four were categorized as medium risk, six as low risk and 11 as informational. All four medium-risk findings were listed as fixed.
Three of the six low-risk issues were fixed, while three were acknowledged. Five informational findings were fixed and six were acknowledged.
One medium-risk finding involved a situation where a closed token mint could block recovery of the other funded side of a trade. Cantina later verified the Foundation’s fix. Another involved token accounts requiring transaction memos, which could prevent settlement or refunds. The updated program added support for the required memo instruction.
Solana Foundation states that DvP has passed external security audits and is “ready for use with real funds.” At the same time, the Foundation is still inviting design partners and early participants ahead of what it calls the production release. It has not announced a production-release date or named institutions using the standard for live commercial settlement.
Privacy remains unfinished. The current system settles public token amounts, even when an asset supports the ConfidentialTransfer extension. Solana Foundation said confidential settlement is planned for a future version, but it gave no launch date.
SOL stays near $121 as institutional RWA activity grows
The DvP announcement has not produced a clear standalone move in SOL.
CoinGecko showed SOL trading near $120.93 at the time of writing, with a 24-hour range between $118.97 and $122.01. The token was roughly 0.8% lower over 24 hours and about 1.8% higher over seven days.
Solana’s market capitalization stood near $71.15 billion, while 24-hour trading volume was approximately $2.55 billion. CoinGecko data does not establish any direct link between the DvP launch and SOL’s price movement.
Tokenized assets already account for billions of dollars on Solana. In related crypto.news coverage of Solana’s real-world asset market, the network held roughly $4.23 billion in distributed RWA value in early September after attracting approximately $348 million in net flows over the preceding 30 days.
Products from BlackRock, Franklin Templeton, VanEck, Circle, Ondo and WisdomTree were among the tokenized assets tracked on Solana at the time.
State Street and Galaxy have used the network for institutional tokenized cash products as well. As previously reported in crypto.news coverage of the Solana-based SWEEP fund, the State Street Galaxy Onchain Liquidity Sweep Fund launched in May with stablecoin subscriptions and redemptions for eligible institutional investors.
Solana Foundation is now seeking design partners and early participants for DvP before the production release. The Foundation has not disclosed a deadline for that release, while confidential settlement remains listed as a planned feature.
