Solana releases open settlement standard for USDC trades

The Solana Foundation released Solana DvP on Oct. 6, 2026, as an open-source escrow program for tokenized trades. The program lets an asset and its payment, including USDC, settle in one transaction. Either both sides settle or neither does.

Solana DvP is available under the MIT license, allowing institutions and developers to use, modify or copy the code. It provides a standardized application programming interface for escrow-based settlement on Solana. Each transaction has separate asset pools and a deadline for completion.

Delivery-versus-payment prevents one party from transferring an asset without receiving payment. In traditional markets, the process can involve clearinghouses, securities depositories and custodians and often takes one to two days. Solana DvP combines the delivery and payment legs into a single blockchain transaction.

The payment leg in tokenized institutional trades is typically a dollar-pegged token. J.P. Morgan previously arranged a U.S. commercial paper issuance for Galaxy Digital on Solana, with proceeds paid in USDC. A standard settlement program could allow similar trades to use shared infrastructure instead of a separate smart contract for each transaction.

J.P. Morgan provided advice on institutional settlement practices during the program’s design. Its input covered escrow separation, settlement deadlines and token controls used by regulated issuers. The bank has not announced an operational partnership, an endorsement of Solana DvP or a commitment to use it.

Rhodel D’Souza, J.P. Morgan’s head of markets digital assets, described shared open standards as foundational infrastructure for financial institutions. The comment did not announce adoption of Solana DvP by the bank.

The program supports Solana’s SPL Token standard and Token-2022, including permanent delegate, pausable token and transfer hook extensions. These features allow issuers to freeze, restrict or reverse transfers while tokens remain in escrow.

Solana DvP has undergone external security audits by Cantina and is available on Solana’s mainnet-beta and devnet. The foundation plans to add privacy features that would keep settlement details confidential.

No institution has announced a production settlement using Solana DvP. Institutions settling tokenized trades onchain currently often use transaction-specific smart contracts, each requiring separate technical reviews, audits and operating procedures.