Sky's Keel Starts $500M Investment Campaign to Boost RWAs on Solana

Keel, an onchain capital allocator of the Sky ecosystem focusing on Solana SOL$131.44, has launched a $500 million campaign to draw real-world assets (RWAs) to the network, part of a broader effort to grow Solana’s footprint in decentralized finance.

The initiative, dubbed the "Tokenization Regatta" and announced at Solana Breakpoint in Abu Dhabi, aims to appeal to tokenized asset issuers 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.

Cian Breathnach, a contributor to Keel, said more than 40 institutions have already expressed interest.

"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," he said. "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."

Keel operates as an independent organization within the Sky ecosystem, formerly known as MakerDAO, using reserves from Sky’s $6 billion decentralized stablecoin, USDS. Its mission is to allocate into assets that generate yield, channeling the proceeds back 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 finance.

Keel's Regatta mirrors a similar effort by DeFi lender Spark, another Sky member, which invested $1 billion from Sky's reserves in 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 judging panel from Keel, Sky’s Risk Council and Kinetica Research will evaluate entries based on quality of tokenization, yield potential and liquidity.