The delivery of Solana Foundations’ Delivery-versus-Payment service has been shaped with JP Morgan’s traditional settlement knowledge to make the blockchain-based process easier for traditional finance firms to use.
The Solana Foundation is widening the adoption of atomic settlement, such as Delivery-versus-Payment (DvP), to traditional finance firms seeking faster and more secure settlements.
The non-profit decentralised finance organisation announced Solana DvP, an open-source settlement layer to help traditional finance firms use APIs to track every atomic transaction on the Solana blockchain network.
JP Morgan collaborated with the Solana Foundation to provide its knowledge of institutional settlement. The US bank and the DeFi organisation will replace multiple smart contracts to process trade settlement on-chain with Solana DvP’s one standard rail.
The process utilises an MIT licence, an open-source software licence that enables users control how software is sold by modifying codes, which can be changed anytime with modified archived versions, also saved on-chain.
Rhodel D’souza, Head of Markets Digital Assets at JP 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.”
Atomic settlement gaining TradFi traction
Atomic settlement is the process of settling both the transfer and payment of an asset simultaneously, using distributed ledger technology (DLT), bypassing traditional T+1 and T+2 settlement.
Delivery-versus-Payment (DvP) is an atomic settlement method which focuses on the transferring and settlement of securities for institutional trade. This happens simultaneously and the settlement is only finalised once the recipient’s payment has been settled.
Catherine Gu, Head of Product and Digital Assets at the Solana Foundation, said: “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.”
Atomic settlement and DvP can benefit traditional firms such as JP Morgan via a multi-day chain process. This involves clearing houses, depositories and custodians, which stores capital for one-to-two days.
Solana DvP is proposing to eliminate this one-to-two day process into a single atomic transaction.
The service is available for two parties and after leveraging JP Morgan’s feedback on building the atomic settlement service, the Solana Foundation revealed its open-standard structure is built for anyone to use.
Solana DvP will also look to add privacy into its programming to ensure trade settlements are private and confidential.
Use cases of atomic settlement
This is not JP Morgan’s first foray into atomic settlement. The bank collaborated with Chainlink and Ondo Finance in May 2025 to test cross-chain DvP by using tokenised funds against cash on blockchain networks to ensure the asset was transferred once the payment was settled.
The European Central Bank (ECB) tested atomic settlement for digital bonds by hosting trials with Goldman Sachs and various EU banks. The pilot found tokenised commercial paper and bonds can be transferred by linking blockchain ledgers with central bank money schemes.
The Bank of International Settlements (BIS) worked alongside central banks from France to Singapore to test atomic settlement for foreign exchange and cross-border liquidity.
Project Mariana used automated market makers and central bank digital currencies (CBDCs) for commercial banks to perform a payment-versus-payment FX settlement. This was tested across separate DLT ledgers without the need for intermediary banks.
