Solana Launches Open-Source DvP Standard with J.P. Morgan's Input

Solana has unveiled an open-source Delivery-versus-Payment (DvP) settlement standard, developed with input from J.P. Morgan. Released on October 6, the Solana DvP program is designed to streamline institutional trades, eliminating the days-long gap where deals can fall through after initial agreement. The program compresses traditional multi-day clearinghouse processes into a single atomic on-chain transaction, ensuring either both legs of the trade settle together or neither does.

The initiative addresses settlement risk, a critical concern in traditional securities markets. By collapsing the settlement cycle into seconds, Solana DvP reduces the risk of payment or delivery failures. J.P. Morgan contributed its settlement expertise, shaping requirements around deadlines, escrow isolation, and compliance features like pausable tokens and transfer hooks under Solana's Token-2022 standard.

J.P. Morgan has already demonstrated the program's practical use in a real-world transaction. In December 2025, the bank arranged a $50 million U.S. commercial paper issuance for Galaxy Digital on Solana, using Circle's USDC for payments. Coinbase and Franklin Templeton participated in the deal, marking one of the first debt issuances of its kind on a U.S. public blockchain.

Solana DvP leverages Token-2022 extensions and standard USDC, eliminating the need for custom programs to hold assets in escrow. The settlement agent coordinates trades without taking custody of assets, a crucial detail for bank legal teams. The program's success will depend on whether other banks adopt it, as Ethereum and J.P. Morgan's own Kinexys platform have previously explored similar tokenization pilots.