#资产代币化 Keel's $500 million investment plan is worth paying attention to, with a clear core logic: attracting RWA issuers into Solana through tokenized competitions. Over 40 institutions have already signed up, indicating that the market's demand for on-chain capital allocation indeed exists.

From the capital flow perspective, USDS generates returns → reinvests into Sky and USDS holders, forming a self-consistent economic model. However, key points to observe include:

**1. Quality of Issuers**—How many projects are receiving the $500 million, and the funding size of individual projects will determine subsequent liquidity.

**2. Conversion rate of the two application paths**—Projects deployed in early 2026 will have priority access to capital, while projects still building infrastructure carry significantly higher risks.

**3. On-chain data signals**—Pay attention to trading depth and position distribution after RWA tokens go live in the Solana ecosystem; the true allocation intentions of institutions can be reflected through on-chain wallet flows.

The trend of asset tokenization is indeed accelerating, but how much sustainable on-chain activity this large-scale investment plan can generate ultimately depends on the performance after deployment. Recently, focus on tracking the progress of projects in the application stage and the trading data of the first batch of RWA tokens.