Solana Foundation launches open DvP settlement standard with J.P. Morgan input

The Solana Foundation on Oct. 6 released Solana DvP, an open-source program that lets banks, brokerages and other financial institutions exchange securities and payment in a single transaction on the Solana blockchain. The code is published under the MIT license, and J.P. Morgan provided input on securities settlement practices during its development.

Securities and cash move in one transaction

Delivery versus payment (DvP) is a settlement method in which cash changes hands at the same moment the securities do. It is meant to remove the risk that one side delivers first and the other fails to follow through. In traditional markets the process runs through clearinghouses, depositories and custodians, tying up capital for one to two days. The foundation said Solana DvP compresses that into a single blockchain transaction: "both legs settle together, or neither does."

According to the documentation on GitHub, a trade runs in three steps.

• Define the terms: the parties, the assets and amounts, the settlement authority and an expiry are recorded onchain
• Fund each leg: the seller deposits the security token and the buyer deposits the payment into separate escrow accounts with a standard token transfer
• Settle together: the designated settlement authority releases both legs in one transaction, or the trade is cancelled and each side gets its deposit back

The GitHub documentation describes the settlement authority as a third party separate from the seller and the buyer, and the only address allowed to settle the trade. The foundation's announcement named a bank, a custodian and an exchange as examples of settlement agents. Settlement is rejected after the expiry, while each party can reclaim its own leg at any time. The expiry can be set no more than one year after the trade is created.

J.P. Morgan's role was limited to settlement input

The foundation said institutional trades settling onchain have typically relied on bespoke smart contracts, and that Solana DvP replaces them with one standard rail.

The foundation calls this approach atomic settlement, meaning the security and the payment are processed at once.

"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."

Catherine Gu, Head of Product, Digital Assets, Solana Foundation

Rhodel D'souza, Head of Markets Digital Assets at J.P. Morgan, said "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," adding, "We were pleased to contribute our settlement expertise." The announcement ended with a disclaimer stating that J.P. Morgan's involvement was limited to providing input on securities settlement practices and should not be construed as the bank designing, developing, operating or guaranteeing Solana DvP.

Ready for real funds, production release still ahead

The foundation said Solana DvP has undergone external security audits and is ready for use with real funds. Its DvP product page lists Cantina as the auditor. The foundation is seeking design partners and early participants ahead of the production release, and plans to add privacy features so trade settlements can be kept confidential.

The program supports Solana's standard SPL Token and the extended Token-2022 standard, including features regulated issuers rely on such as permanent delegate, pausable tokens and transfer hooks. Tokens that charge a fee on each transfer or accrue interest are not accepted.

The release follows a string of institutional announcements from the foundation. On Sept. 16 it opened applications for Project Harmonia, which links the distribution network of European fund platform Allfunds with tokenized funds on Solana (submissions close Oct. 24). On Sept. 30, Open USD (OUSD), a stablecoin whose founding partners are Coinbase, Mastercard, Shopify, Stripe and Visa, went live on Solana.

SOL trades around 162,000 won on Upbit

At 12:30 p.m. KST on Oct. 6, Solana (SOL) traded at 162,400 won on Upbit's Korean won market. At the same time it was $119.90 on Binance, down 0.96% over 24 hours. Converted to won, the Binance price was about 161,000 won, putting the kimchi premium (the gap between prices on Korean exchanges and global markets) at about 0.87% on Upbit.

SOL's 52-week high on Upbit was 331,500 won on Oct. 9, 2025, and its low was 91,800 won on June 6, 2026.