The Solana Foundation launched Solana DvP, an open-source escrow program released under the MIT license that provides financial institutions a standardized API for delivery-versus-payment settlement. The design incorporates input from J.P. Morgan and has undergone external security audits. Solana DvP executes asset and payment transfers in a single atomic transaction so both legs settle together or neither does, reducing counterparty risk and compressing traditional one- to two-day settlement windows into seconds, with on-chain finality measured in sub-second ranges in tests.
The reference implementation supports SPL Token-2022 and extensions used by regulated issuers — including permanent delegate, pausable tokens and transfer hooks — and includes compliance features such as whitelisting so only approved wallets can hold or receive tokenized securities. The foundation plans to add privacy features to keep settlements confidential. A notable proof point: on December 11, 2025, J.P. Morgan arranged a $50 million commercial paper issuance for Galaxy Digital Holdings LP on Solana that used the DvP functionality to handle issuance and redemption in USDC.
Solana positions the program as a reusable standard rather than bespoke smart contracts, and several large institutions have piloted or implemented solutions on Solana’s asset stack, with BlackRock, Kraken, Morgan Stanley, BNY, State Street and Société Générale among named participants. Observers note that wider institutional use of DvP against USDC could raise demand for USDC as a settlement asset. The open-source release lowers barriers for inspection and adoption, but operational and regulatory risks remain: institutions will seek network reliability under load and regulators will seek clarity on how on-chain finality maps to legal definitions of a completed trade. Related developments mentioned alongside the launch include a prior Chainlink/J.P. Morgan Kinexys/Ondo Finance cross-chain DvP pilot and separate moves by Kraken’s parent Payward to enable 24/7 USD settlement with Singapore Gulf Bank.