Solana has released an open-source delivery versus payment (DvP) program designed for institutional trade settlement. The system enables atomic swaps of tokenized securities against USDC, ensuring that assets and payments are exchanged simultaneously or not at all, which eliminates counterparty risk.
The implementation utilizes SPL Token-2022 extensions, allowing for compliance features such as wallet whitelisting. Transactions achieve finality in approximately 400 milliseconds, with atomic execution occurring in under one second, significantly faster than traditional settlement cycles.
A notable application occurred on December 11, 2025, when J.P. Morgan issued $50 million in commercial paper for Galaxy Digital Holdings LP on the Solana blockchain. This transaction utilized the DvP functionality for both issuance and redemption.
Solana previously launched its Developer Platform on March 24, 2026, providing enterprise APIs for tokenized asset workflows. Financial institutions including Morgan Stanley, BNY, State Street, and Société Générale have already piloted or implemented solutions using these capabilities.
