Keel Opens the Tokenization Regatta, Injecting $500m into Real World Assets on Solana

Abu Dhabi, December 16, 2025

The Keel Tokenization Regatta is the first open competition of this scale for tokenized RWAs on Solana.

Keel, a new Solana-native onchain capital allocator, is launching Season 1 of the Keel Tokenization Regatta at Solana Breakpoint, marking the first step on its roadmap to catalyze the growth of the RWA (Real-World Asset) ecosystem on Solana, as set out during its launch at Solana Apex earlier this year. Keel intends to allocate up to  $500m to a selection of tokenized assets, with the winners selected through an RFP (Request for Proposal) process and an evaluation period. 

Solana is leading in areas such as users and onchain activity, and with the Regatta, it is estimated that Keel will increase the distributed value of Solana’s RWA market by over 60%, representing a significant liquidity injection into the ecosystem. The goal of the Regatta is to create both an incentive and a framework that supports future asset issuance on the network. 

Cian Breathnach, Founder and CEO of Matariki Labs and contributor to Keel, commented, “We’re delighted to be kicking off this growth campaign for tokenized real world assets on Solana with Season 1 of the Tokenization Regatta. We’ve had inbound discussions with over 40 institutions and asset issuers, eager to understand how they can compete for an allocation on Solana. It’s underlined that there is a great appetite for asset issuers to deploy on Solana, but what’s been missing is the buy side at a scale that makes that compelling from a business perspective – with the Regatta, we’re solving that pain point for issuers, and, in the process, unlocking a new wave of tokenized assets for the Solana ecosystem”.

Launched at Solana APEX this year with an initial roadmap of up to $2.5 billion, Keel is working to enhance the growth, depth, and stability of DeFi and Tokenized Asset markets on Solana. Leveraging direct access to the reserves of Sky’s decentralized stablecoin, USDS, Keel operates as an onchain balance sheet, bringing robust lending capacity at institutional scale to Solana DeFi, and catalyzing the growth of RWAs via direct allocations through initiatives such as Season 1 of the Tokenization Regatta. 

“Solana is focused on ensuring its market infrastructure reflects the scale needed to become the premier destination for the issuance and trading of tokenized assets,” said Ben Brophy, Head of Institutional Growth (Europe) for the Solana Foundation. “The Tokenization Regatta acts as a catalyst for the development of these markets, and a unique opportunity for asset issuers from across traditional and decentralized finance”.

Applications for the first season of the Keel Regatta open on 11 December 2025, with issuers able to submit to two tracks: immediate deployment (within Q1 2026) or native pipeline development, which enables consideration for a future allocation. The RFP process is being facilitated by contributors from Keel, the Sky Risk Council, Particula, and Kinetika Research. Applications will be narrowed down to a short list, with entries assessed based on key criteria, including the quality and robustness of tokenization, sustainable risk-adjusted yield, and liquidity. 

Interested parties can access more information about the Regatta and the RFP at keel.fi/regatta and about Keel on the Keel website and blog. 

About Keel

Keel is an onchain capital allocator that grows and enables scale for DeFi and tokenized asset markets on Solana. At its core, the Keel Capital Engine, powered by Sky, programmatically leverages, allocates, and rebalances stablecoin capital, creating more liquid and mature DeFi markets and accelerating the growth and adoption of tokenized assets.

For more information about Keel, visit keel.fi. 

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