Inside Keel: Solana’s New Liquidity Layer for Credit, RWAs, & Stablecoins

Episode notes

In this episode of The Smart Economy Podcast, host Dylan Grabowski sits down with Cian Breathnach , founder of Matariki Labs and contributor to Keel , to explore how Solana is maturing into a high-performance environment for institutional capital, stablecoin liquidity, and tokenized real-world assets. Breathnach shares his path from actuary to protocol engineer, reflecting on how Solana's speed, low fees, and composability convinced him to leave traditional finance and build full-time in Web3. He explains how Keel emerged from the Sky (formerly MakerDAO) ecosystem, why a “capital engine” is essential for scaling USDS adoption, and how capital allocation works inside a protocol-owned balance sheet. The conversation covers the structural differences between fiat-backed, algorithmic, and overcollateralized stablecoins; the growing institutional interest in tokenization; and the importance of building on a monolithic chain where high-frequency execution and settlement happen in the same place.