Particula, the foremost rating agency for digital assets, announced today its partnership with Kinetika Research for the $500 million Keel Solana Tokenization Regatta
Photo Courtesy of: Particula
ABU DHABI, United Arab Emirates, Dec. 19, 2025 — Particula, the premier rating provider for digital assets, today announced its collaboration with Kinetika Research on the Keel Solana Tokenization Regatta, an innovative initiative deploying capital into institutional-grade tokenized real-world assets (RWAs) and DeFi applications on Solana.
Debuting at Solana Breakpoint, the Regatta stands as one of the most substantial organized capital commitments into on-chain tokenized assets and DeFi markets to date, with its first season earmarking as much as $500 million for chosen issuances.
The Regatta operates in partnership with Sky and receives backing from the Solana Foundation, with Kinetika and Particula managing coordination. Kinetika and Particula co-architected the RFP framework, merging extensive tokenization knowledge with systematic risk assessment methods. Particula supplies the technical backbone for the complete RFP workflow—including the application gateway, uniform questionnaire, and protected data gathering system—to guarantee standardization and cross-comparability of all proposals.
Kinetika’s organized evaluation methodology is engineered to establish the foundation for capital allocation determinations by Keel, Sky’s Core Council, and Sky Governance. To reinforce Kinetika’s process, Particula will autonomously execute exhaustive risk analyses on every proposal—scrutinizing issuers and counterparties, issuance framework and technical execution, plus underlying asset quality—and furnish independent risk scores for assets picked through the RFP framework.
“The tokenized asset sector is approaching an institutional tipping point, yet responsible expansion demands rigorous, standardized appraisal frameworks,” stated Timm Reinsdorf, CEO of Particula. “Our function is to assist Kinetika in forging the transparency, uniformity, and institutional-caliber risk intelligence for what promises to be among the most consequential on-chain capital deployments in the sector’s history.”
Cian Breathnach, Founding Contributor at Keel, noted: “A capital deployment of this scale demands more than funding alone; it necessitates a stringent evaluation procedure. The RFP framework we’ve architected alongside Particula establishes the groundwork for institutional-caliber due diligence within on-chain markets, setting definitive benchmarks and assessment parameters that can propagate throughout the industry.”
Dual-Track Approach for Market Development
The Regatta functions via two parallel tracks to optimize market engagement:
- Track A (Immediate Deployment): Assets presently active on Solana or pledged for launch by March 31, 2026, qualifying for near-term funding
- Track B (Pipeline Development): Premium assets needing 12-18 months to achieve Solana deployment, eligible for subsequent funding rounds.
Call for Submissions
Issuers and asset managers of premium, USD-denominated assets may now submit applications through January 31, 2026 via the
About Particula
Particula is an autonomous rating agency for digital assets. The firm delivers structured risk evaluations spanning economic, legal, operational, and technical dimensions, providing comprehensive risk scores and analytical insights to institutional investors and protocol governance entities.
About Keel
Keel functions as a Star within the Sky Ecosystem. Concentrating on capital distribution and infrastructure development on the Solana network, Keel operates at the convergence of DeFi, stablecoins, and tokenized real-world assets.
Contact Details:
Primary Contact: Nadine Wilke, Co-Founder & CGO at Particula
Email: info@particula.io
Website:
Location: New York, USA
