Keel, a Solana-focused Sky ecosystem on-chain capital allocator has launched a $500 million campaign to bring real-world assets (RWA) to the network, part of a broader effort to grow Solana’s footprint in decentralized finance.
The initiative, called “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 financing and support for the issuance of RWA, such as debt, credit or funds in Solana.
Keel collaborator Cian Breathnach said more than 40 institutions have already expressed interest.
“There is a huge appetite from asset issuers to deploy Solana, but what is missing is the buy side at a scale that makes it attractive from a business perspective,” he said. “With Regatta, we are solving that problem for issuers and, in the process, 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 reserves of Sky’s $6 billion decentralized stablecoin, USDS. Its mission is to allocate assets that generate yield, channeling profits to holders of Sky and USDS tokens. The $500 million in available allocations are part of Keel’s broader roadmap to funnel up to $2.5 billion into Solana-based tokenized finance.
Keel Regatta mirrors a similar effort by DeFi lender Spark, another Sky member, which invested $1 billion of Sky reserves into tokenized assets earlier this year.
Applications for the first phase open on Thursday, with two tracks available: one for issuers ready to deploy in early 2026 and another for those still building infrastructure.
A panel of judges from Keel, Sky’s Risk Council and Kinetica Research will evaluate entries based on tokenization quality, return potential and liquidity.
