Keel, an onchain capital allocator within the Sky ecosystem centered on Solana , has initiated a $500 million initiative aimed at attracting real-world assets (RWAs) to the network, a key component of enhancing Solana’s presence in decentralized finance.
This initiative, termed the “Tokenization Regatta,” was revealed at Solana Breakpoint in Abu Dhabi, and seeks to appeal to tokenized asset issuers via a competitive framework, according to a press release from Keel shared with CoinDesk. Chosen projects will gain direct funding and support for the issuance of RWAs like debt, credit, or funds on Solana.
Cian Breathnach, a contributor at Keel, noted that over 40 institutions have already shown interest.
“There is a significant demand for asset issuers to launch on Solana, but what’s lacking is the buy side at a scale that renders it attractive from a business standpoint,” he stated. “With the Regatta, we’re addressing that challenge for issuers, thereby unlocking a fresh wave of tokenized assets for the Solana ecosystem.”
Keel functions autonomously within the Sky ecosystem, previously known as MakerDAO, utilizing resources from Sky’s $6 billion decentralized stablecoin, USDS. Its aim is to invest in yield-generating assets, redistributing the returns back to the Sky and USDS token holders. The $500 million in available funding forms part of Keel’s broader strategy to allocate up to $2.5 billion into Solana-based tokenized finance.
The Regatta initiative by Keel aligns with similar efforts by the DeFi lender Spark, another member of Sky, which pledged $1 billion from Sky’s reserves towards tokenized assets earlier in the year.
Applications for the initial phase will commence on Thursday, offering two tracks: one for issuers prepared to launch in early 2026 and another for those still establishing infrastructure.
A selection panel from Keel, alongside Sky’s Risk Council and Kinetica Research, will assess entries based on the quality of tokenization, potential yield, and liquidity.
