---
title: "DvP (Delivery versus Payment)"
url: "https://www.unknowngravity.com/en/glosario/dvp-entrega-contra-pago"
site: Unknown Gravity
published: "2026-09-21T11:55:11+00:00"
modified: "2026-09-21T11:55:14+00:00"
language: en-US
description: "DvP (Delivery versus Payment) means the asset and the money change hands at the same time: nobody delivers without being paid, nobody pays without receiving."
section: "Home > DvP (Delivery versus Payment)"
---

# DvP (Delivery versus Payment)

GLOSSARY · BLOCKCHAIN & WEB3

What delivery-versus-payment (DvP) settlement is: asset and money change hands at the same time, and why tokenization makes it atomic.

WHAT IS IT? · FOR DUMMIES

**DvP** (Delivery versus Payment) means the asset and the money change hands at the same time: nobody delivers without being paid, nobody pays without receiving. It is the principle that stops one party being left hanging — and tokenization takes it to the limit: both legs can execute in the same transaction.

WHAT IS IT? · PRO

In traditional markets, DvP settlement is guaranteed by central infrastructures with one- or two-day cycles. With tokenized assets and tokenized money on the same ledger, delivery and payment become atomic: a single transaction swaps the security token and the money token, or nothing executes. The counterparty-risk window disappears.

The money leg can be a regulated [stablecoin](/en/glosario/stablecoin) (EMT), a [tokenized deposit](/en/glosario/deposito-tokenizado) or, in future, a wholesale [CBDC](/en/glosario/cbdc) — the full analysis is in our guide to the [euro stablecoin](/en/articulos/euro-stablecoin-mica). For the issuer, designing settlement is part of structuring, not a final detail.

## 01 / Key points

- Asset and money are exchanged simultaneously: nobody is exposed
- With tokens, settlement can be atomic (a single transaction)
- The money leg: regulated stablecoin, tokenized deposit or wholesale CBDC
- Removes the counterparty-risk window of T+1/T+2 cycles

## 02 / Advantages

- Counterparty risk removed at settlement
- Settlement in seconds, 24/7, without day-long cycles
- Less capital trapped in collateral and margins

## 03 / Disadvantages

- Requires quality tokenized money in the same environment
- Technical atomicity does not fix a badly structured contract
- Interoperability between ledgers still under construction

This entry is informative. It is not legal, tax or investment advice. The rules cited change: check the current version on [BOE](https://www.boe.es) and [EUR-Lex](https://eur-lex.europa.eu).