Solana Unveils Open-Source DvP Program to Streamline Institutional Trades
Solana has launched an official delivery versus payment (DvP) program, an open-source initiative designed for institutions seeking to settle trades on-chain in a single step. The program enables both parties in a transaction to settle atomically on the Solana blockchain, achieving finality in seconds rather than days, according to Decrypt. This represents a significant shift for an industry accustomed to waiting one to two business days for many trades to clear.
DvP: Ensuring Simultaneous Exchange
Delivery versus payment, or DvP, addresses the challenge of simultaneous exchange by ensuring that an asset and its payment are transferred at the exact same moment, or neither transaction occurs. Solana’s reference implementation applies this logic directly on-chain, facilitating the atomic exchange of tokenized securities, such as commercial paper, for payments in USDC.
An atomic transaction is designed to either complete entirely or fail entirely, preventing scenarios where one party receives both the asset and the payment while the other is left with nothing. This structure effectively eliminates counterparty risk from the swap.
Speed and Efficiency
Research underpinning the implementation indicates atomic execution can occur in under one second. Solana’s finality is achieved at approximately 400 milliseconds, with transaction fees remaining very low. This stands in stark contrast to traditional settlement processes, which can take one to two days.
The tokenized securities leverage SPL Token-2022 extensions, Solana’s advanced token standard that integrates additional features directly into the token itself. This approach eliminates the need for issuers to develop custom smart contracts to represent their assets.
Compliance and Control
The DvP program also incorporates compliance features, such as whitelisting, which restricts asset ownership and receipt to approved wallets. This ensures that regulated securities remain within a controlled environment.
A Landmark Transaction
A significant early demonstration of the program’s capabilities occurred on December 11, 2025, when J.P. Morgan facilitated a $50 million commercial paper issuance for Galaxy Digital Holdings LP on the Solana blockchain. This transaction utilized the DvP functionality for both the issuance and redemption of the commercial paper, a form of short-term corporate debt typically used for operational funding, using USDC. Galaxy Digital Holdings LP acted as the issuer in this deal.
Solana further bolstered its enterprise offerings with the launch of its Solana Developer Platform on March 24, 2026, providing a suite of APIs for issuing and settling tokenized assets.
Institutional Adoption
Several major financial institutions are already exploring or implementing solutions leveraging Solana’s capabilities for asset workflows. Among them are Morgan Stanley, BNY, State Street, and Société Générale, all of whom have participated in pilots or deployed solutions.
Open-Source Advantage
By releasing the DvP program as open-source, Solana is lowering the barrier for institutions to review the code, customize it, and implement it without the need for lengthy proprietary license negotiations.
Potential Market Impact
An increase in institutions settling tokenized securities against USDC could drive demand for USDC as a settlement asset, given its role as the payment component in these transactions.
Navigating Risks
The primary risks associated with this development are operational and regulatory. Institutions will require assurance of the network’s reliability under heavy load, while regulators will seek clarity on how on-chain finality aligns with existing legal definitions of a completed trade.
Future Outlook
Key developments to monitor include whether the J.P. Morgan and Galaxy Digital deal serves as a blueprint for future issuances, the extent to which the named institutions transition from pilot programs to full production, and any subsequent growth in USDC settlement volumes related to tokenized securities in the coming months.
