The Solana Foundation launched Solana DvP on October 6, 2026. The open-source escrow program settles a tokenized asset and its payment in a single onchain transaction. Either both legs settle together, or neither does. Notably, the Foundation designed Solana DvP as a reusable standard, so institutions no longer need to write custom settlement contracts for every deal.
🌋 BREAKING: J.P. Morgan provides settlement expertise to Solana Foundation on a new open-source escrow delivery-versus-payment standard designed for institutions. Solana DvP allows tokenized assets and payment to settle atomically in a single transaction, replacing bespoke institutional smart contracts with a reusable settlement rail on public infrastructure. The program is being opened to banks, custodians, exchanges and other market participants. solana:So11111111111111111111111111111111111111112 $JPM
— King Solomon (Ryan Solomon) (@IOV_OWL) October 6, 2026
Why Delivery Versus Payment Matters
Delivery versus payment, or DvP, is a basic rule of securities settlement. The buyer receives the asset only when the seller receives the cash. Without that guarantee, one side can pay and never receive the asset. Traditional markets manage this risk with clearing houses, custodians, and multi-day settlement cycles. As a result, capital sits idle while trades wait to finish.
Atomic settlement attacks the same problem differently. Instead of coordinating several steps across intermediaries, the program executes both transfers inside one transaction. Catherine Gu, the Foundation’s Head of Product, said atomic settlement removes the counterparty risk inherent in traditional finance. Additionally, she said trades reach finality in seconds instead of days. That claim comes from the Foundation, and live institutional volumes have not yet tested it.
How the Program Works
Each trade lives in a single account on Solana, called a SwapDvp. Two escrow token accounts sit alongside it, and each one holds one side of the swap. The two parties fund their escrows, and a designated settlement authority then triggers the swap. Importantly, only that authority can settle the trade. Counterparties can pick any settlement agent they trust, such as a bank, custodian, or exchange.
The program also enforces deadlines. Every trade carries an expiry timestamp, which the GitHub repository caps at one year. Teams can also set an earliest settlement time to create a defined window. Meanwhile, either party can reclaim a funded leg before settlement, and the authority can cancel the whole trade. A separate recovery instruction returns late deposits that arrive after a swap closes. Together, these controls give each counterparty a clear exit if a deal stalls.
Token Support and Compliance Controls
Solana DvP works with both the legacy SPL Token standard and Token-2022. It also supports wrapped SOL as a leg. Regulated issuers gain particular value from the Token-2022 extensions the program accepts. These include permanent delegate, pausable tokens, and transfer hooks, which issuers use to enforce compliance rules.
However, the program blocks extensions that change a token amount mid-transfer. These include transfer fees, interest-bearing tokens, scaled UI amounts, and non-transferable tokens. That restriction keeps both legs predictable at the moment of settlement. Furthermore, the Foundation says future versions will add privacy features. Cantina audited the code, and the Foundation says the program is ready for use with real funds. The program runs on Solana mainnet-beta and devnet.
J.P. Morgan’s Role and the Competitive Field
J.P. Morgan advised on institutional settlement practices and the needs of regulated tokens. However, the bank’s disclaimer states that it did not design, develop, or endorse the program. Rhodel D’Souza of J.P. Morgan said a shared, open standard for atomic DvP is the kind of foundational infrastructure institutional market participants require. That quote signals interest, but it does not signal a commitment to settle trades.
The launch also highlights a split in tokenization design. J.P. Morgan’s own Kinexys and ClearToken rely on permissioned systems. In contrast, Solana DvP runs on a fully public network. Meanwhile, the market around it keeps growing. BlackRock launched a tokenized money market fund in August. Kraken offers tokenized U.S. stocks through xStocks. In December 2025, J.P. Morgan arranged a $50 million commercial paper deal for Galaxy Digital, settled in USDC.
What to Watch Next
Solana DvP now enters its proving phase. The Foundation is seeking design partners and early participants ahead of a full production release. Reports on the launch note that no major bank has committed to settle live trades through the program. Consequently, adoption will decide whether this becomes a real standard or stays a reference design.
Three signals matter most. First, watch for named institutions that run pilot settlements. Second, watch for settlement agents who build services on the program. Finally, watch how the planned privacy features address a common institutional concern, which is exposing trade details on a public ledger. If those pieces arrive, Solana DvP could shorten the path from tokenized assets to everyday settlement.
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