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S&P Global Ratings Launches Vault Risk Assessment for Digital Asset Markets
The framework grades credit, liquidity, protocol and governance risks as deposits in lending vaults climbed from $1.5 billion to $10 billion, S&P said.
On Sunday, October 4, S&P Global Ratings launched the Vault Risk Assessment framework to evaluate risks in digital asset lending vaults, using a "" suffix to distinguish these assessments from traditional credit ratings.
Deposits in on-chain lending vaults surged from $1.5 billion in 2024 to roughly $10 billion by September 2026, prompting S&P Global Ratings President Yann Pallec to cite growing demand for "independent risk assessments."
The framework evaluates six areas: portfolio credit quality, liquidity, curator risk, blockchain risk, protocol risk, and security and governance. James Wiemken of Global Ratings Services cited the system addresses vaults' "varying disclosure standards."
This launch follows broader digital asset expansion, including S&P Global Ratings' acquisition of OpenZeppelin and strategic investment in Kaiko, alongside previously introduced Stablecoin Stability Assessments.
While S&P Global Ratings has not yet named specific vaults for review, it plans to release initial assessments in future announcements, with an AAA assessment representing the lowest risk level under the framework.