Solana DvP launch is now official. The Solana Foundation released an open-source settlement program on October 6. It lets financial institutions exchange tokenized assets and payments in one transaction.
The Foundation says trades can reach finality in seconds.
Why the Solana DvP launch matters
Solana DvP is a reusable delivery-versus-payment program. It launched under the MIT license. JPMorgan provided input on securities settlement practices. Meanwhile, the Foundation developed the infrastructure.
Delivery-versus-payment links asset delivery to payment. Under Solana DvP, both legs settle together. Otherwise, neither transfer takes effect. The setup replaces custom settlement contracts. Institutions often needed those contracts when moving tokenized securities on public blockchains.
Catherine Gu leads product for digital assets at Solana Foundation. She said the program provides one open settlement standard. She described finality as occurring “in seconds instead of days.” That timing is a Foundation claim nevertheless. The launch notice provides no live institutional volume data.
Solana DvP puts the asset and payment in one trade
Solana’s documentation states that each trade uses two escrow accounts. One holds the asset and one holds payment. Each participant sends its part into escrow. They use a standard token transfer.
A settlement authority signs the settlement. That authority is named when the trade is created. Both transfers execute inside one Solana transaction. If the full transaction cannot complete, neither side changes hands.
The authority can be a bank, custodian, or exchange. The two counterparties choose it. It cannot later change payment destinations. Those addresses are recorded when the trade is created. Either participant can recover its funded leg before settlement. Meanwhile, the settlement authority can cancel the transaction.
Deadlines can be written into each trade. Solana’s documentation says the program rejects settlement after expiry. It can also 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. It also lacks price discovery, matching, netting, and partial fills. It does not perform KYC or holder-eligibility checks either. Any eligibility restrictions must come from token controls.
Both sides of a DvP trade must be token accounts on Solana. If one side uses an off-chain payment rail, the program cannot settle atomically. That leg must be reconciled separately.
JPMorgan gave input but did not build Solana DvP
JPMorgan’s participation was limited to advising. It advised Solana Foundation on institutional settlement practices.
Rhodel D’Souza is JPMorgan’s head of markets digital assets. He said a shared standard for atomic delivery-versus-payment is needed. Institutional firms require that infrastructure 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. It is not identified as its operator. Its participation should not be taken as approval or certification. It is also not a performance guarantee or commercial commitment.
JPMorgan already has experience with blockchain-based DvP structures. In May 2025, Kinexys participated in a transaction. That transaction connected its permissioned payment network with Ondo’s public blockchain infrastructure. It used Chainlink technology to coordinate payment with tokenized U.S. Treasuries.
Solana DvP takes a different approach. Both token legs of a supported trade settle on Solana. They settle through a reusable public program.
The latest program sits alongside another institutional push. Mastercard, Western Union, and Worldpay joined the Solana Developer Platform as early users. They focus on stablecoin settlement and payments.
Solana’s DvP website says the program is accessible through the Markets module. 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. Therefore, a trade can combine assets from both systems.
The Foundation said the program supports Token-2022 features. These include permanent delegates, pausable tokens, and transfer hooks. Issuers can use such controls to restrict or freeze transfers.
Several Token-2022 configurations are not supported. Solana’s documentation says tokens using TransferFee or InterestBearing extensions are rejected. ScaledUiAmount and NonTransferable extensions are also rejected.
The program does not remove risks attached to the asset itself. Solana’s documentation says atomic settlement removes one counterparty risk. Specifically, it removes the risk of one side delivering while the other fails. However, it does not remove issuer credit or redemption risk.
Token authorities retain certain powers. A freeze authority can freeze an escrow account. A pause authority can halt transfers. Permanent delegates can act on escrowed tokens.
Solana Foundation lists the same DvP program on mainnet-beta and devnet. The mainnet program ID was recorded as dvp34bdbcEm4f4FCUjGV4mDAkDshaQR4LkK8fdcsyZq. The program remains upgradeable.
Security review found four medium-risk issues
Cantina completed an external security review of the DvP program. The firm reported 21 findings from its May 21–28 review. Four were categorized as medium risk. Six were low risk and 11 were informational. All four medium-risk findings were listed as fixed.
Three of the six low-risk issues were fixed. Three were acknowledged. Five informational findings were fixed and six were acknowledged.
One medium-risk finding involved a closed token mint. That could block recovery of the other funded side. Cantina later verified the Foundation’s fix. Another involved token accounts requiring transaction memos. That 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. It says the program is “ready for use with real funds.” At the same time, the Foundation is still inviting design partners. It has not announced a production-release date.
Privacy remains unfinished. The current system settles public token amounts. This applies even when an asset supports the ConfidentialTransfer extension. Solana Foundation said confidential settlement is planned for a future version. 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. The 24-hour range sat between $118.97 and $122.01. The token was roughly 0.8% lower over 24 hours. It was about 1.8% higher over seven days.
Solana’s market capitalization stood near $71.15 billion. 24-hour trading volume was approximately $2.55 billion. CoinGecko data does not establish a direct link between the DvP launch and SOL’s price.
Tokenized assets already account for billions on Solana. In early September, the network held roughly $4.23 billion in distributed RWA value. It attracted approximately $348 million in net flows over the preceding 30 days.
Products from BlackRock, Franklin Templeton, and VanEck were tracked. Circle, Ondo, and WisdomTree were also included. State Street and Galaxy have used the network for institutional tokenized cash products. The State Street Galaxy Onchain Liquidity Sweep Fund launched in May.
Solana Foundation is now seeking design partners for DvP. It has not disclosed a deadline for production release. Meanwhile, confidential settlement remains a planned feature.
