S&P Global Ratings has launched a Vault Risk Assessment framework for on-chain lending vaults as deposits in the sector reached $10 billion in September 2026.
Summary
- S&P Global Ratings launched VRA to assess impairment risk across blockchain-based digital asset lending vaults.
- The framework reviews six risk areas, including portfolio quality, liquidity, curators, blockchains, protocols and governance.
- AAA(v) represents the lowest risk, but S&P says VRA is not a traditional credit rating.
- Vault deposits reached $10 billion in September 2026, up from $1.5 billion two years earlier.
- S&P says initial vault assessments will arrive later, with no individual vault graded at…
