Particula, the leading rating provider for digital assets, today announced its collaboration with Kinetika Research on the 500M Keel Solana Tokenization Regatta
ABU DHABI, United Arab Emirates, Dec. 19, 2025 (GLOBE NEWSWIRE) — Particula, the leading rating provider for digital assets, today announced its collaboration with Kinetika Research on the Keel Solana Tokenization Regatta, a groundbreaking initiative deploying into institutional-grade tokenized real-world assets (RWAs) and DeFi applications on Solana.
Launched at Solana Breakpoint, the Regatta represents one of the largest structured capital deployments into on-chain tokenized assets and DeFi markets to date, with Season 1 allocating up to $500 million to selected issuances.
The Regatta is run in partnership with Sky and supported by the Solana Foundation, with coordination by Kinetika and Particula. Kinetika and Particula jointly designed the RFP framework, combining deep tokenization expertise with structured risk methodology. Particula provides the technical infrastructure for the entire RFP process – including the application portal, standardized questionnaire, and secure data collection environment – ensuring consistency and comparability across all submissions.
Kinetika’s structured assessment approach is designed to lay the groundwork for allocation decisions by Keel, Sky’s Core Council, and Sky Governance. To support Kinetika’s process, Particula will independently conduct comprehensive risk assessments across each submission – evaluating issuers and counterparties, issuance structure and technical implementation, as well as underlying assets – and provide independent risk ratings for assets selected under the RFP framework.
“The tokenized asset market is reaching an institutional inflection point, but scaling responsibly requires thorough, standardized evaluation frameworks,” said Timm Reinsdorf, CEO of Particula. “Our role is to support Kinetika in creating the transparency, consistency, and institutional-grade risk intelligence for what will be one of the most significant on-chain capital deployments in the industry’s history.”
Cian Breathnach, Founding Contributor at Keel added: “A deployment of this magnitude requires more than just capital, it requires a rigorous evaluation process. The RFP framework we’ve structured together with Particula creates the foundation for institutional-grade due diligence in on-chain markets, establishing clear benchmarks and assessment criteria that can scale across the industry.”
Dual-Track Approach for Market Development
The Regatta operates across two tracks to maximize market participation:
Call for Submissions
Issuers and asset managers of high-quality, USD-denominated assets can now apply through January 31, 2026 via the Keel Regatta platform.
About Particula
Particula is an independent rating provider for digital assets. The company provides structured risk assessments across economic, legal, operational, and technical dimensions, delivering comprehensive risk ratings and analyses to institutional investors and protocol governance bodies.
About Keel
Keel is a Star within the Sky Ecosystem. Focused on capital allocation and infrastructure on the Solana network, Keel operates at the intersection of DeFi, stablecoins, and tokenized real-world assets.
Contact Information:
Contact Person: Nadine Wilke, Co-Founder & CGO at Particula
