Solana Says "Settle This" in Seconds, Not Days; JPMorgan Whispers the Playbook 🤝

The Solana Foundation on Monday launched Solana DvP, an open-source escrow program that gives financial institutions a standardized application programming interface for delivery-versus-payment settlement, with J.P. Morgan contributing input on institutional settlement practices that shaped its design. Released under the MIT license, the program supports SPL Token and Token-2022, including regulated-issuer extensions such as permanent delegate, pausable tokens and transfer hooks, and has undergone external security audits, according to the foundation.

In conventional markets, delivery-versus-payment runs through a multi-day chain of clearinghouses, depositories and custodians that can tie up capital for one to two days. Solana DvP compresses that workflow into a single atomic transaction in which both legs of a trade settle together or neither does, removing the counterparty risk that institutions have historically priced into on-chain deals. "Atomic settlement removes counterparty risk that is inherent in traditional finance," said Catherine Gu, the foundation's head of product for digital assets, adding that the program offers institutions a single open standard "with finality in seconds instead of days."

Rhodel D'souza, J.P. Morgan's head of markets digital assets, said a shared, open standard for atomic delivery-versus-payment is "exactly the kind of foundational infrastructure institutional market participants require." The foundation said it plans to add privacy features so individual settlements can be kept confidential. The launch builds on prior tokenization activity on Solana, including a J.P. Morgan–arranged commercial paper deal for Galaxy Digital settled in USDC and a June 2025 cross-chain DvP pilot in which Chainlink, J.P. Morgan's Kinexys and Ondo Finance settled a tokenized US Treasury fund against payment through Kinexys.

Institutional interest in on-chain settlement on Solana has been widening beyond single trades. BlackRock launched a tokenized money market fund for stablecoin reserves in August that records ownership on Solana alongside Ethereum and is structured to qualify as a reserve asset under the GENIUS Act, while Kraken has used the network to offer tokenized U.S. stocks to overseas customers through its xStocks product. On the same day as the DvP launch, Kraken's parent Payward announced a partnership with Singapore Gulf Bank to enable 24/7 US dollar settlement for select institutional clients in Asia and the Gulf region, underscoring the broader push to shorten settlement cycles across the market.