Keel, an on-chain capital allocator in the Sky ecosystem focusing on Solana has launched a $500 million campaign to attract real-world assets (RWA) to the network, part of a broader effort to increase Solana’s footprint in decentralized finance.
The initiative, dubbed “Tokenization Regatta” and announced at Solana Breakpoint in Abu Dhabi, aims to attract issuers of tokenized assets through a competitive process, Keel said in a press release shared with CoinDesk. Selected projects will receive direct funding and support for issuing RWAs such as debt, credit or funds on Solana.
Keel contributor Cian Breathnach said more than 40 institutions had already expressed interest.
“There is a large appetite from asset issuers to deploy on Solana, but what is missing is the buy side at a scale that makes this compelling from a commercial perspective,” he said. “With Regatta, we are solving this problem for issuers and, in doing so, unlocking a new wave of tokenized assets for the Solana ecosystem.”
Keel operates as an independent organization within the Sky ecosystem, formerly known as MakerDAO, using the reserves of Sky’s $6 billion decentralized stablecoin USDS. Its mission is to allocate assets that generate yield, redirecting profits to Sky and USDS token holders. The $500 million in available allocations is part of Keel’s broader roadmap to channel up to $2.5 billion into Solana-based tokenized financing.
Keel’s Regatta mirrors a similar effort by DeFi lender Spark, another Sky member, which invested $1 billion of Sky’s reserves in tokenized assets earlier this year.
Applications for the first phase open on Thursday, with two tracks available: one for transmitters ready to deploy in early 2026 and another for those still building infrastructure.
A jury comprised of Keel, Sky’s Risk Council and Kinetica Research will evaluate the applications based on tokenization quality, return potential and liquidity.
