#代币资产发行与投资 Seeing Keel's $500 million investment plan, I need to calm down and think carefully. On the surface, attracting RWA issuers through competitive processes, funding, support, and complete infrastructure—all of these are quite tempting. But this is also where pitfalls are easily encountered.

Having navigated the blockchain space for many years, I have seen too many projects claiming "ecosystem investment," only for the tokens held by investors to become tools for exit scams. This time, Keel has over 40 institutions interested, which sounds impressive, but you need to ask yourself a few questions: Who is actually regulating these RWA assets? Is the mechanism for returns to USDS holders truly transparent? Has the liquidity risk of tokenized assets been assessed?

The key point is not to be blinded by the number "$500 million." History has shown me that the larger the financing plan, the more important it is to understand the real use of funds and the project's exit strategy. Projects deployed in early 2026 and those still building infrastructure are at completely different risk levels. If you hold USDS or are considering participating, be sure to understand the specific risks you are taking on, and don't be blinded by the ecosystem halo. The secret to surviving long on-chain is: see one step further than others, think one layer deeper than others.