Particula Selected To Co-Structure RFP and Provide Independent Ratings for Keel's $500M Regatta Program

Abu Dhabi, UAE – December 11, 2025 – 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:

• Track A (Immediate Deployment): Assets already live on Solana or committed to March 31, 2026 launch, eligible for near-term allocation
• Track B (Pipeline Development): High-quality assets requiring 12-18 months to reach Solana deployment, considered for future tranches.

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:
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Disclaimer
_{This announcement is provided for informational purposes only. It relates to the proposed Request for Proposal (“RFP”) and does not constitute, and must not be interpreted as: (i) participation in a regulated activity in any jurisdiction; (ii) an offer, invitation, or solicitation to invest in any tokens, securities, or other financial products; or (iii) investment advice, financial promotion, or a recommendation of any kind. All applicants are solely responsible for obtaining their own financial, legal, tax, and other professional advice.}

_{Keel reserves the right, in its sole and absolute discretion, to accept or reject any proposal submitted through the RFP process and assumes no obligation or liability to any applicant. All information contained herein is provided “as is” and may be incomplete or subject to change without notice. Neither Keel, Sky, the Solana Foundation, Kinetika Research, Particula, nor any other related entity owes applicants any fiduciary duties or duties of care in connection with the RFP.}

_{All materials submitted as part of the RFP may be shared with Sky Governance, the Regatta Committee, Kinetika Research, Particula, and other relevant parties as part of the evaluation process. None of the related entities shall be liable for any reliance placed on the information contained in this announcement or on any subsequent communications related to the RFP.}