The Solana Foundation launched Solana DvP on Tuesday, an open-source settlement program designed to let financial institutions complete delivery-versus-payment transfers on the Solana blockchain in seconds rather than the one to two days typical of conventional securities settlement.

The program provides an open-source application programming interface for DvP settlement, according to the Foundation's announcement. Assets and payment move in a single atomic transaction that either completes in full or does not take effect at all — the property that eliminates the split between delivery and payment which creates settlement risk in traditional markets.

What does Solana DvP actually change?

The Foundation positioned the release as a reusable alternative to custom smart contracts. Institutions building tokenized asset workflows today frequently write bespoke settlement logic for each counterparty relationship or product line. That approach multiplies audit surface, engineering cost and the risk of implementation errors in code that handles large-value transfers.

By publishing a standard settlement program as open source, the Foundation aims to shift institutional adoption from one-off integrations toward shared infrastructure. Any institution can inspect, deploy and build against the same code, which reduces the due-diligence burden counterparties face when evaluating settlement mechanics.

The design directly targets two operational exposures that keep institutions out of public-chain settlement: settlement risk and counterparty exposure.

Who contributed institutional requirements?

JPMorgan provided input on institutional settlement practices and requirements during the program's development. Rhodel D'Souza, head of markets digital assets at JPMorgan, said the settlement standard is the type of "foundational infrastructure" that institutional market participants need to "operate at scale without introducing settlement risk and counterparty exposure."

The involvement of a major bank at the requirements stage signals that Solana DvP was built against real institutional constraints — custody arrangements, settlement finality and regulatory reporting — rather than as a purely developer-driven protocol release.

How does this fit the broader settlement race?

The launch adds to a series of institutional efforts to accelerate financial settlement using blockchain infrastructure. In June 2025, Chainlink, JPMorgan's Kinexys and Ondo Finance completed a cross-chain DvP pilot that involved Ondo's tokenized US Treasury fund, with payment routed through Kinexys.

A day before the Solana announcement, Kraken's parent company Payward partnered with Singapore Gulf Bank to enable 24/7 US dollar settlement for select institutional clients in Asia and the Gulf region.

These moves point to a common direction: shortening the settlement cycle that ties up collateral and exposes counterparties to default risk during the gap between trade and settlement. Solana DvP competes on the basis that settlement can be near-instantaneous on a public, high-throughput chain, rather than overnight or intraday on legacy rails.

What happens next?

The program's open-source release means adoption now depends on whether institutions, custodians and tokenization platforms integrate the standard into production workflows — and whether atomic settlement on a public chain satisfies the compliance frameworks that banks and market infrastructure operators must operate under.