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Solana launches open-source DvP program for institutional trade settlement
The reference implementation lets institutions swap tokenized securities and USDC atomically, with finality measured in seconds rather than days
Solana has released an official delivery versus payment program. It is open-source, and it is built for institutions that want trades to settle on-chain in one step.
The program lets both sides of a trade settle atomically on Solana, with finality in seconds instead of days, according to Decrypt. For an industry that still waits a business day or two for many trades to clear, that is a meaningful change.
What DvP actually does
Delivery versus payment, or DvP, solves the problem of simultaneous exchange. The asset and the payment move at the same moment, or neither moves at all.
Solana’s reference implementation applies that logic on-chain. It handles the simultaneous exchange of a tokenized security, such as commercial paper, against a payment in USDC.
An atomic transaction either completes fully or fails fully, so one party is never left holding nothing while the other walks away with both. That design effectively removes counterparty risk from the swap.
On speed, the research behind the implementation describes atomic execution in under one second. Finality on Solana lands at around 400 ms, with very low transaction fees.
Compare that with traditional settlement, which can take one to two days.
The plumbing under the hood
The tokenized securities rely on SPL Token-2022 extensions. That is Solana’s upgraded token standard, which bakes extra features directly into the token itself.
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Issuers do not need custom smart contracts to represent their assets.
The setup also supports compliance features like whitelisting. Only approved wallets can hold or receive the asset, which keeps regulated securities inside a controlled perimeter.
The J.P. Morgan test run
The program has a notable early proof point. On December 11, 2025, J.P. Morgan arranged a $50 million commercial paper issuance for Galaxy Digital Holdings LP on the Solana blockchain.
That deal used the DvP functionality to handle both issuance and redemption in USDC. Commercial paper is short-term corporate debt, typically used to fund day-to-day operations.
Galaxy Digital Holdings LP sat on the issuer side of that deal.
A wider institutional push
Solana launched its Solana Developer Platform on March 24, 2026, offering a set of enterprise APIs for issuing and settling tokenized assets.
Several large financial institutions are already in the mix. Morgan Stanley, BNY, State Street, and SociĆ©tĆ© GĆ©nĆ©rale are among those that have piloted or implemented solutions using Solana’s capabilities for asset workflows.
What this means
Releasing the DvP program as open-source lowers the barrier for institutions to inspect the code, adapt it, and run it without negotiating a proprietary license first.
If more institutions settle tokenized securities against USDC, demand for USDC as a settlement asset could grow, since it serves as the payment leg in these trades.
The risks are mostly operational and regulatory. Institutions will want the network to stay reliable under load, and regulators will want clarity on how on-chain finality maps onto existing legal definitions of a completed trade.
What to watch next: whether the J.P. Morgan and Galaxy deal becomes a template for repeat issuances, how many of the named institutions move from pilots to production, and whether USDC settlement volumes tied to tokenized securities climb in the months ahead.