Key Notes
- Solana DvP settles the asset and payment legs together after both counterparties fund their escrow accounts.
- The MIT-licensed program supports SPL Token and compatible Token-2022 assets, with external audit findings published.
- JPMorgan supplied settlement expertise without endorsing the software, while confidential settlement remains planned.
Solana Foundation has launched Solana DvP, an open-source settlement program that lets institutions exchange an asset and its payment in a single transaction. The final transfer completes on both sides or fails on both sides, reducing the risk that one counterparty delivers without receiving what it is owed.
The foundation announced the program on October 6, describing it as reusable infrastructure for banks, custodians and exchanges. It says settlement can reach finality within seconds, with an MIT license allowing institutions to adapt and integrate the software.
JPMorgan contributed expertise on institutional securities settlement. Its involvement was advisory: the bank did not design, develop, operate or endorse the program, according to the announcement’s explicit disclaimer.
Two Funded Legs, One Final Exchange
Delivery versus payment, or DvP, ties delivery of an asset to receipt of the corresponding payment. Solana’s implementation uses two escrow accounts, one for each side of an agreed trade, and a designated settlement authority that authorizes the final exchange.
The foundation’s source code describes a workflow in which the counterparties first agree on the assets, quantities and expiry time. Each then deposits its side through an ordinary token transfer, allowing custodians to fund a trade without a custom funding instruction.
Once both accounts contain the required amounts, the settlement authority signs a transaction that transfers the agreed assets to their recipients. Excess deposits are returned, and the trade’s escrow accounts are closed. Either party can recover its funded side before settlement rather than depend on a successful exchange.
The atomic guarantee applies to that final exchange. Creating the trade and funding its two sides remain separate steps, so the announcement does not mean that an entire institutional trading workflow has been compressed into one transaction.
For a buyer and seller, the practical difference is that payment cannot complete while the corresponding delivery fails within the settlement transaction. Preparing the trade, checking its terms and obtaining the settlement authority’s signature still require coordination.
Seconds on Chain, With Token Restrictions
The speed comparison needs a specific benchmark. Most US securities transactions have operated on a T+1 cycle since May 28, 2024, meaning settlement generally occurs one business day after the trade. The SEC shortened that standard from T+2; traditional markets do not all follow an unchanged two-day timetable.
Solana DvP supports both SPL Token and Token-2022 assets. The latter includes controls relevant to regulated issuers, such as pausing transfers, permanent delegates and transfer hooks that can apply additional conditions.
Support is subject to limits. The program guide excludes nontransferable tokens and extensions that change the amount involved, including transfer fees, interest-bearing balances and scaled display amounts. Institutions must check a token’s configuration rather than assume every Token-2022 asset is eligible.
Issuer powers also remain relevant after funds enter escrow. Freeze, pause and delegation authorities can affect the tokens and interrupt settlement or recovery. The mechanism addresses the exchange of the two legs, but does not remove an issuer’s credit or redemption risk.
Audit Findings and the Privacy Roadmap
The foundation says the program has undergone external audits and is ready to handle real funds. Its documentation lists deployments on Solana mainnet and the devnet testing network, with deployment information reported as of October 2.
A public Cantina review, conducted from May 21 to May 28, records four medium-severity findings, all marked fixed. It also lists six low-severity findings, three fixed and three acknowledged, alongside informational observations. That record supports describing the software as audited, while giving users a more specific account than a claim that an audit found no issues.
The announcement also invites design partners and early participants ahead of a production release. Availability of deployed software should therefore be distinguished from evidence that named banks have already adopted it for live securities trades; the release does not provide such a customer list or trading volumes.
Confidential settlement is on the roadmap. Current documentation says settlement amounts remain public, including when an asset has a confidential-transfer extension. Institutions seeking private trade details would need to assess that limitation before adopting the present implementation.
Settlement Infrastructure for Tokenized Markets
The release adds an asset-exchange component to Solana’s institutional infrastructure. CoinScreamer recently covered Roughrider Coin, a bank-to-bank token running on Solana through Fiserv’s platform. That is a separate deployment; the DvP announcement does not say it uses the new settlement program.
The distinction between payments and DvP is useful: moving a payment token settles one transfer, while DvP links that payment to delivery of another tokenized asset. Having both components available could give institutions more building blocks, but does not establish that they have already been connected in a commercial product.
DvP also does not supply an order book, price discovery, multilateral netting or its own identity-screening system. Both legs must be tokens on Solana, so an ordinary off-chain bank payment cannot simply become the cash side of an atomic exchange. Legal finality remains dependent on the relevant agreements and jurisdiction.
The foundation’s next steps include working with early participants and developing confidential settlement. For institutions, the immediate offering is shared settlement code whose token requirements, authority model and public transaction data can be evaluated before committing to an integration.
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