The Solana Foundation on October 6 released Solana DvP, an open-source delivery-versus-payment program designed to settle institutional trades in seconds rather than the one or two days typical of traditional clearing on Wall Street. The program was built with input from JPMorgan and published under an MIT licence.
For European institutions watching blockchain settlement infrastructure move from pilot projects toward production-grade tooling, the launch is notable both for its technical design and for the involvement of one of the world's largest banks in shaping its requirements, even though JPMorgan did not build or operate the program itself.
"The Solana DvP program offers institutions a single standard across the entire Solana ecosystem, on public infrastructure, with finality in seconds instead of days," said Catherine Gu, product lead for Digital Assets at the Solana Foundation.
How the settlement mechanism works
Each transaction under Solana DvP relies on two separate escrow accounts, one holding the asset and one holding the payment. A designated settlement authority approves the transaction, and deadlines can be written directly into the operation itself, giving counterparties a built-in mechanism for enforcing timing without manual intervention.
JPMorgan's contributions focused on defining requirements around deadlines, escrow isolation, and token extensions, including pausable tokens and transfer hooks under the Token-2022 standard. Pausable tokens give administrators an emergency mechanism to block transfers when needed. The program also continues to support the older SPL Token standard, allowing institutions to migrate at their own pace.
"We were glad to contribute our settlement expertise," said Rhodel D'souza, head of digital assets for markets at J.P. Morgan.
Audit findings and what remains outstanding
An external audit conducted by Cantina identified four issues classified as medium risk. According to the Solana Foundation, all four were resolved before the public launch.
Privacy features for confidential settlement are planned but have not yet been integrated into the program, a gap that mirrors a wider industry conversation. Institutions at Consensus Hong Kong earlier this year flagged privacy as a key requirement for broader blockchain technology adoption.
Where it sits among rival approaches
JPMorgan's own Kinexys infrastructure has previously tested a cross-chain delivery-versus-payment operation with Ondo Finance, connecting a permissioned payments network to a public blockchain testnet. Separately, ClearToken has launched its own DvP settlement on the Canton network, with privacy features enabled, though that system operates through permissioned applications rather than open public infrastructure.
Solana DvP's open-source, MIT-licensed design distinguishes it from both approaches, positioning it as infrastructure that any participant on the Solana ecosystem can build on rather than a closed system limited to specific counterparties.
