The Solana Foundation said late Monday that it has launched Solana DvP, an escrow program aimed at giving banks and funds a shared standard for settling tokenized trades onchain. The code is open source under the MIT license.
In securities markets, delivery-versus-payment means the asset and the cash move together so one side does not pay and receive nothing in return. The foundation said that offchain guarantee is usually handled through clearinghouses, depositories, and custodians, a structure that can keep capital tied up for one to two days. For onchain settlement, institutions have typically relied on bespoke smart contracts.
Single-transaction settlement
Solana DvP is designed to move both legs of a trade in one transaction. Either the asset and the payment settle together, or the trade does not go through.
“Atomic settlement removes counterparty risk that is inherent in traditional finance,” Catherine Gu, head of product for digital assets at the Solana Foundation, said in the release.
How the program works
A buyer and a seller first agree on the amounts of two tokens, one representing the asset and the other representing the cash leg. Each side then funds its own escrow account through a standard token transfer, which means custodians do not need special integration.
Settlement authority is reserved for a third party named when the trade is created. The foundation said that party could be a bank, a custodian, or an exchange. Under the program documentation, that third party releases both sides of the trade at the same time.
Either side, or the designated third party, can cancel the trade and return the deposited assets. Once the deadline passes, the trade can no longer settle.
Token-2022 support and audit status
The foundation said the program supports Solana’s standard token formats, including Token-2022 controls used by regulated issuers, such as the ability to pause a token.
It also said the program has completed external security audits and is ready for use with real funds. The foundation plans to make settlement details private and is seeking design partners ahead of a production release.
J.P. Morgan’s involvement
J.P. Morgan provided input on how institutions settle securities, according to the release. The foundation added that the bank’s role was limited to that input and does not mean J.P. Morgan designed, operates, or endorses the program.
“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,” Rhodel D’souza, J.P. Morgan’s head of markets digital assets, said in the release.
Prior work in tokenized-asset settlement
J.P. Morgan has worked on tokenized-asset settlement before. In December 2025, it arranged Galaxy Digital’s first commercial paper issuance on Solana, created the token, and facilitated delivery-versus-payment when Coinbase and Franklin Templeton bought the debt at issuance.
In May, the bank’s Kinexys unit handled the dollar leg of a cross-border redemption of Ondo’s tokenized Treasury fund, while the fund’s tokens moved on the XRP Ledger.