Solana Foundation Unveils One-Step Tokenized Settlement Code for Banks

The Solana Foundation has released open-source code designed to streamline the settlement of tokenized trades for banks and financial institutions. The new program, called Solana DvP, enables the exchange of an asset and its payment in a single transaction, ensuring that both legs of the trade settle together or not at all. This approach eliminates counterparty risk, a common issue in traditional finance where settlements can take one to two days due to multiple intermediaries.

The escrow program supports Solana’s standard token formats, including Token-2022 controls for regulated issuers. It has undergone external security audits and is ready for use with real funds. The foundation is seeking design partners ahead of a production release and plans to make settlement details private. The program allows either party or a designated third party, such as a bank or custodian, to cancel and return deposits if necessary.

J.P. Morgan contributed its expertise on institutional securities settlement but did not design or endorse the program. Rhodel D’souza, head of markets digital assets at J.P. Morgan, emphasized the importance of a shared, open standard for atomic delivery-versus-payment to reduce settlement risk. The bank has previously worked on tokenized-asset settlement, including a commercial paper issuance on Solana in December 2025 and a cross-border redemption of Ondo’s tokenized Treasury fund in May 2026.