Solana has released an official delivery versus payment (DvP) program built for institutions seeking to settle trades on-chain in a single atomic transaction. The program enables both sides of a trade to settle simultaneously on Solana with finality in approximately 400 milliseconds, compared to the one to two days required for traditional settlement.
Delivery versus payment ensures that an asset and payment move at the same moment, or neither moves at all. Solana's implementation handles the simultaneous exchange of tokenized securities, such as commercial paper, against payment in USDC. Because atomic transactions either complete fully or fail fully, neither party faces counterparty risk.
The tokenized securities rely on SPL Token-2022 extensions, Solana's upgraded token standard that incorporates additional features directly into the token itself. This approach eliminates the need for custom smart contracts to represent assets. The system also supports compliance features such as whitelisting, restricting asset custody to approved wallets.
On December 11, 2025, J.P. Morgan arranged a $50 million commercial paper issuance for Galaxy Digital Holdings LP on the Solana blockchain, using the DvP functionality to handle both issuance and redemption in USDC.
Solana launched its Solana Developer Platform on March 24, 2026, offering enterprise APIs for issuing and settling tokenized assets. Morgan Stanley, BNY, State Street, and Société Générale are among institutions that have piloted or implemented solutions using Solana's capabilities.
Releasing the DvP program as open-source reduces barriers for institutions to inspect the code, adapt it, and deploy it without negotiating proprietary licensing. Potential growth in USDC settlement volumes for tokenized securities could follow if more institutions adopt the platform. Key operational and regulatory considerations include network reliability under load and how on-chain finality aligns with existing legal definitions of completed trades.
