On October 6 local time, the Solana Foundation unveiled Solana DvP, a delivery-versus-payment program for institutional securities-and-cash settlement. The initiative provides a reusable common program for onchain settlement processes that institutions had previously built individually. Each counterparty deposits its asset into a separate escrow account, and once a predesignated settlement authority signs, both assets are transferred together in a single transaction. The structure prevents one party from delivering an asset without receiving the asset owed by the other party. A settlement is rejected after its deadline, but each party retains the ability to recover its deposited asset.
Settlement can involve any two tokens on Solana that meet the support requirements, allowing uses such as tokenized securities and stablecoins. Cash paid through bank accounts is handled separately, while issuers retain their authority to freeze assets or restrict transfers. The code has been released as open source under the MIT License and has undergone an external security audit.
JPMorgan provided input on institutional securities-settlement practices and requirements. The foundation stated that this should not be interpreted as JPMorgan jointly developing, approving or endorsing the product. The foundation said settlement transactions can reach finality within seconds and plans to add a feature for keeping settlement information private.
The program has been deployed on Solana mainnet, and the foundation said it is ready for use with real funds. It is recruiting design partners and early participants ahead of the production release.