Solana Foundation Releases Open-Source Atomic DvP Settlement Program

The Solana Foundation on October 6, 2026 announced Solana DvP, an open-source escrow program that offers financial institutions an open-sourced API for atomic delivery-versus-payment settlement on Solana. The New York-datelined announcement said J.P. Morgan provided input on institutional settlement practices and requirements during the program’s development.

Released under the MIT license, the program is deployed on Solana’s mainnet-beta and devnet under program ID dvp34bdbcEm4f4FCUjGV4mDAkDshaQR4LkK8fdcsyZq, according to the Foundation’s program documentation. The code has been audited by Cantina, and the Foundation states the program has undergone external security audits and is ready for use with real funds.

The Foundation describes delivery-versus-payment as the bedrock of securities settlement, a structure that ensures the asset and the cash move simultaneously to eliminate principal risk. Traditional markets achieve this through a multi-day chain of clearinghouses, depositories, and custodians that ties up capital for one to two days, the announcement states, while institutional trades settling onchain have until now typically relied on bespoke smart contracts. Solana DvP is intended to replace those bespoke contracts with one standard rail that is atomically settled, provides isolated escrow, and enforces deadlines, compressing settlement into a single atomic transaction with finality in seconds rather than days, the Foundation said.

“Atomic settlement removes counterparty risk that is inherent in traditional finance. Solana DvP program provides institutions with one open standard across the Solana ecosystem, on public infrastructure, with finality in seconds instead of days,” said Catherine Gu, Head of Product, Digital Assets at Solana Foundation.

“A shared, open standard for atomic delivery-versus-payment is exactly the kind of foundational infrastructure institutional market participants require to operate at scale without introducing settlement risk and counterparty exposure. We were pleased to contribute our settlement expertise,” said Rhodel D’souza, Head of Markets Digital Assets at J.P. Morgan. A disclaimer in the announcement states that the bank’s involvement was limited to providing input on securities settlement practices and did not constitute designing, developing, operating, approving, certifying, warranting, endorsing, or guaranteeing Solana DvP or its performance in any way.

How a Trade Settles

The Foundation’s product page sets out the flow in three steps. First, the parties, assets, amounts, settlement authority, and expiry are recorded onchain. Each party then funds its escrow with a standard token transfer from its existing wallet or custodian, with no custom integration required from the counterparty’s wallet or custodian. Finally, the authority releases both legs in one atomic transaction, or the trade unwinds.

The documentation defines the trade’s roles. The asset-leg party and the cash-leg party each fund one side of the trade. The settlement authority is a third address named at creation and the only signer that can settle; it cannot redirect proceeds, which are fixed at creation. A rent payer funds the SOL deposit that keeps the trade’s accounts open. The program is symmetric, the documentation notes, so two assets or two stablecoins settle the same way as an asset-against-cash exchange.

The program exposes the instructions CreateDvp, ReclaimDvp, SettleDvp, CancelDvp, RejectDvp, and RecoverDvp. Funding has no instruction of its own; a leg counts as funded once its escrow account holds at least the agreed amount, deposited through a standard TransferChecked token transfer. Because any wallet or custodian able to send that transfer can fund a leg without a DvP-specific program call, the documentation states, existing custody and treasury setups can participate directly. Atomicity comes from both settlement transfers sitting inside a single Solana transaction, so either both take effect or neither does. Until settlement, either party can reclaim its own leg or unwind the trade, the settlement authority can cancel, and a recovery instruction retrieves deposits that land after a trade has closed.

According to the announcement, any two counterparties can use the program with any settlement agent, whether a bank, a custodian, or an exchange.

Token Support, Limits, and Access

Solana DvP supports SPL Token and Token-2022, including token extensions the Foundation says regulated issuers depend on, such as permanent delegate, pausable tokens, and transfer hooks. The documentation is more specific: mints carrying TransferFee, InterestBearing, ScaledUiAmount, or NonTransferable extensions are rejected at both creation and settlement, while PermanentDelegate, Pausable, DefaultAccountState, a freeze authority, and MintCloseAuthority are accepted. ConfidentialTransfer mints are accepted with the caveat that amounts on that leg remain public, and TransferHook is supported up to 32 extra accounts per leg. Because the tokenized-security template in Mosaic, the Foundation’s issuance toolkit, always adds the Scaled UI Amount extension, mints created from that template are not accepted as legs.

The documentation also sets out what the program does not do. It provides no matching, price discovery, or order book; no netting, with bilateral trades only; no partial fills; no off-ledger leg; no eligibility check, allowlist, or KYC; and no automatic settlement, because the settlement authority must sign. There is no protocol fee beyond transaction fees and rent. Trade expiry is capped at one year from creation, and only settlement is blocked after expiry; reclaim, cancel, and reject remain available, which the code repository states prevents an expired but funded trade from stranding funds.

The program removes principal risk between the two parties, the documentation states, but it does not remove issuer credit or redemption risk on either token, the ability of a mint’s authorities to act on escrowed tokens, or the dependence on the settlement authority being available to sign.

Each trade is recorded in a 458-byte program-owned account. Source code, the IDL, generated TypeScript and Rust clients, and tests are published in the solana-foundation/dvp GitHub repository under the MIT license; the program is a no_std Pinocchio program with clients generated from the IDL using Codama. The IDL is at version 0.1.0 as of October 2, 2026, and the program is upgradeable on both clusters.

DvP is accessible through the Markets module of Solana Developer Platform, whose three modules, Issuance, Payments, and Markets, cover asset creation, money movement, and settlement, according to the product page. A devnet demo runs a full trade from creation through atomic settlement. The Foundation said it plans to add privacy to the program so that trade settlements can be made private and confidential, and it is welcoming design partners and early participants ahead of the production release.