> ## Content Index > Fetch the complete content index at: https://stablecoininsider.org/llms.txt > Use this file to discover other available public pages before exploring further. # Solana Publishes an Open Settlement Standard That Settles in USDC - URL: https://stablecoininsider.org/solana-dvp-atomic-settlement-standard/ - Published: 2026-10-06T10:08:47.000Z - Updated: 2026-10-06T10:08:47.000Z - Description: Learn what Solana DvP does, why the payment leg is usually a stablecoin, what J.P. Morgan contributed, and why no production settlement flows exist yet. - Author: Milos Djukanovic - Tags: News, Solana, Institutions The Solana Foundation released Solana DvP on October 6, 2026, an open-source escrow program that lets institutions settle a tokenized asset and its payment in one atomic transaction. It is published under the MIT licence, so anyone can use or fork it. J.P. Morgan provided input on institutional settlement practices that shaped the design. Delivery-versus-payment is the mechanism that stops one side of a trade handing over value before the other reciprocates. In conventional markets it runs through clearinghouses, depositories, and custodians and takes one to two days. Solana DvP compresses that into a single transaction where both legs settle together or neither does. For stablecoins the relevance is direct. The payment leg in tokenized institutional trades is overwhelmingly a dollar token, so a settlement standard is also a stablecoin distribution standard. > Institutions settling onchain have been writing bespoke smart contracts for each deal. A shared, audited standard turns one-off transactions into something a desk can run repeatedly. ### Key Takeaways - Solana Foundation released Solana DvP on October 6 under the MIT licence. - Both legs of a trade settle in one transaction or neither does. - J.P. Morgan's contribution was advisory, not operational or an endorsement. - The program supports SPL Token and Token-2022 issuer control extensions. - No production institutional settlement flows have been announced yet. --- ## What the Program Does Solana DvP gives institutions a standardised API built around isolated escrow and enforced settlement deadlines. Isolation keeps each settlement's assets separate rather than pooled, and deadlines prevent a trade sitting unresolved in escrow indefinitely. Both are unremarkable requirements in traditional securities settlement and largely absent from ad hoc onchain arrangements. The program has passed external security audits by Cantina and is available on mainnet-beta and devnet. The Foundation has also said it plans to add privacy features so settlements can be kept confidential, which is a prerequisite most institutional desks treat as non-negotiable. --- ## The Payment Leg Is a Stablecoin J.P. Morgan's own precedent on Solana shows the pattern. The bank arranged a US commercial paper issuance for Galaxy Digital, created the token, and facilitated delivery-versus-payment settlement of the primary issuance, with proceeds paid in USDC. That is the shape most tokenized institutional trades take. The asset is bespoke and the cash leg is a regulated dollar token, which makes stablecoin supply a direct input into settlement capacity rather than a parallel market. Regulated dollar tokens are now arriving on Solana from outside the US as well, including the MiCA-supervised token launched last week across six networks, which we covered in our report on that [MiCA dollar stablecoin](https://stablecoininsider.org/allunity-usdau-mica-dollar-stablecoin/). [![AllUnity Launches a MiCA Dollar Stablecoin While Its Euro Token Sits Near Zero](https://storage.ghost.io/c/73/6a/736af0e4-2274-4543-a329-2952b2b52abc/content/images/2026/10/Screenshot-2026-10-06-at-11.50.17.png)](https://stablecoininsider.org/allunity-usdau-mica-dollar-stablecoin/) --- ## What J.P. Morgan Actually Contributed The bank's role was advisory. It supplied settlement expertise that shaped requirements around deadlines, escrow isolation, and the token extensions regulated issuers depend on. This is not an endorsement, a partnership announcement, or a commitment to use the program. Rhodel D'souza, the bank's head of markets digital assets, described a shared open standard as the kind of foundational infrastructure institutions need, which is a statement about the category rather than about adoption. --- ## Issuer Controls Survive the Escrow The program supports SPL Token and Token-2022, including permanent delegate, pausable tokens, and transfer hooks. Those extensions are how regulated issuers retain the ability to freeze, claw back, or gate transfers. The detail that matters is that these controls keep working while tokens sit in escrow. A compliance obligation does not lapse because an asset is mid-settlement, which is precisely the gap that would have blocked bank adoption. It is a deliberate design choice rather than a technical necessity, and the opposite choice exists elsewhere. USDT's return to Bitcoin runs on a rail where [Tether cannot freeze](https://stablecoininsider.org/usdt-returns-to-bitcoin-utexo-rgb/) addresses at all. [![USDT Returns to Bitcoin This Month on a Rail Tether Cannot Freeze](https://storage.ghost.io/c/73/6a/736af0e4-2274-4543-a329-2952b2b52abc/content/images/2026/10/Screenshot-2026-10-06-at-11.50.44.png)](https://stablecoininsider.org/usdt-returns-to-bitcoin-utexo-rgb/) --- ## The Standard Exists, the Flows Do Not No institution has announced production settlement using Solana DvP. One account of the release notes that the production version is still ahead and that the announcement establishes a standard rather than actual institutional settlement activity. That distinction is worth holding. Publishing an audited open standard is a real step, and it is a different thing from a bank routing live trades through it. The measurable version arrives when a named institution settles a real trade on it and says so. --- ## Why a Shared Standard Matters Until now institutions settling onchain have relied on bespoke smart contracts written per transaction. Each one needs separate legal review, separate audit, and separate operational handling, which caps how many deals a desk can do. An open, audited standard removes that per-deal cost, which is the mechanism by which tokenized settlement stops being a pilot. BlackRock made a related argument about programmable settlement infrastructure last month, which we covered in our report on its [machine-native economy paper](https://stablecoininsider.org/blackrock-machine-native-economy/). [![BlackRock Says AI Agents Will Drive Stablecoin Demand That Has Not Arrived Yet](https://storage.ghost.io/c/73/6a/736af0e4-2274-4543-a329-2952b2b52abc/content/images/2026/10/Screenshot-2026-10-06-at-11.53.37.png)](https://stablecoininsider.org/blackrock-machine-native-economy/) --- ## FAQs: ### 1\. What is Solana DvP? An open-source escrow program released by the Solana Foundation on October 6, 2026 under the MIT licence. It gives financial institutions a standardised API for delivery-versus-payment settlement, where a tokenized asset and its payment settle in a single atomic transaction or neither settles. ### 2\. What was J.P. Morgan's role? Advisory. The bank provided input on institutional settlement practices that informed the program's design from inception, shaping requirements around deadlines, escrow isolation, and token extensions. It is not an operational partnership or an endorsement, and no commitment to use the program was announced. ### 3\. How does this relate to stablecoins? The payment leg in tokenized institutional trades is typically a dollar-pegged token. J.P. Morgan's earlier commercial paper issuance on Solana for Galaxy Digital settled with proceeds paid in USDC, which is the pattern a standardised DvP program would make repeatable. ### 4\. Which token standards does it support? SPL Token and Token-2022, including extensions regulated issuers rely on such as permanent delegate, pausable tokens, and transfer hooks. Those issuer controls continue to function while tokens are held in escrow during settlement. ### 5\. Is anyone using it in production? No production institutional settlement flows have been announced. The release establishes an audited open standard available on mainnet-beta and devnet, and coverage of the launch notes that the production version is still ahead. --- **Disclaimer:** *This content is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice; no material herein should be interpreted as a recommendation, endorsement, or solicitation to buy or sell any financial instrument, and readers should conduct their own independent research or consult a qualified professional.*