Solana introduces open-source DvP program for institutional trade settlement

Solana has introduced an open-source Delivery versus Payment (DvP) program designed to streamline institutional trade settlements on its blockchain. The program allows for atomic settlement, where both the asset and payment are exchanged simultaneously, ensuring finality in seconds rather than the traditional one to two days.

The DvP program leverages Solana’s SPL Token-2022 extensions, enabling tokenized securities like commercial paper to be exchanged for USDC payments without custom smart contracts. This setup includes compliance features such as whitelisting, ensuring only approved wallets can hold or receive the assets, thereby maintaining regulatory compliance.

J.P. Morgan recently demonstrated the program’s potential by facilitating a $50 million commercial paper issuance for Galaxy Digital Holdings LP on December 11, 2025. The transaction utilized Solana’s DvP functionality for both issuance and redemption in USDC, highlighting the efficiency of on-chain settlement.

Several major financial institutions, including Morgan Stanley, BNY, State Street, and Société Générale, have already engaged with Solana’s capabilities for tokenized asset workflows. The open-source nature of the DvP program lowers the barrier for institutions to adopt and adapt the technology, potentially increasing demand for USDC as a settlement asset.