The new framework provides independent risk transparency for on-chain investment tools, further expanding S& P Global's services in the DeFi domain.
Singapore, October 4 (Reuters-affiliated PR Newswire) – S& P Global Ratings, a division of S& P Global (New York Stock Exchange ticker: SPGI), today launched Vault Risk Assessment ( VRA), a new analytical approach designed to provide independent and forward-looking insights into the risks associated with digital asset lending vaults. This initiative brings institutional-level transparency to the rapidly evolving digital asset ecosystem and supports market participants in making more informed decisions.
What is a vault?
Digital asset lending vaults are investment tools that operate on blockchain. They pool investor deposits and deploy them according to established strategies, functioning in a manner similar to managed fixed-income funds. As of September 2026, the total deposits in these vaults reached $10 billion, a significant increase from $1.5 billion two years prior. Although blockchain-based activities can provide transparency at a given point in time, the disclosure of vault strategies and risks is usually limited.
VRA Analysis Method
S& P Global Ratings's VRA is a forward-looking opinion on the overall relative impairment risk faced by investors holding positions in the lending treasury. VRA conducts a comprehensive assessment of the overall risk situation of the treasury from six key risk factors:
- Portfolio credit quality risk
- Liquidity mismatch risk
- Curator Risk
- Blockchain Risks
- Protocol Risks
- Treasury Security and Governance Risks
VRA is not a credit rating, nor does it provide comments on levels of returns. For more information on the VRA analysis method and the letter grade system, please visit spglobal.com / ratings / en / products / vault-risk-assessments.
S& P Global Ratings President Yann Le Pallec stated: "As digital assets continue to move towards institutionalization, the market has a critical need for independent risk assessment that can connect traditional finance with decentralized innovation. We are committed to bringing transparency and rigorous analysis to all financial markets, and this commitment also extends to this rapidly growing segment. Vault Risk Assessment will empower investors and, as capital flows into these new digital structures, promote greater confidence and stability."
VRA Analytical methods go beyond transaction transparency, providing the necessary level of risk visibility. This enables institutions to enhance their investment governance and screening processes, and supports broader adoption in the treasury market.
S& P Global Ratings, Executive Director, General Manager, and Person in Charge of Global Ratings Services, James Wiemken stated: "Digital asset treasuries represent an important evolution in on-chain finance, providing new avenues for fund pool investments and capital efficiency. However, the inherent complexity of this emerging market and the varying disclosure standards make a standardized, independent risk perspective particularly necessary. VRA fills this critical gap, offering market participants in-depth insights needed to approach treasury investments with greater clarity and confidence."
S& P Global Ratings will release the first batch of Vault Risk Assessments in a future announcement.
Strategic Focus on Digital Assets
S& P Global has positioned itself as a bridge between traditional finance and decentralized finance, utilizing its long-established credible risk framework, benchmarks, and analytical standards to support the institutionalization of the digital asset market.
Recent initial measures include:
- The first stability assessment of stablecoins in the industry
- First DeFi Protocol Credit Rating ( Sky Protocol )
- The first structured financing transaction rated and supported by Bitcoin: “Ledn”
- S& P DJI and Kaiko tokenize the iBoxx US Treasury Bond Index and list it on the blockchain
In September 2026, S& P Global announced its agreement to acquire OpenZeppelin, which is a security standard in the field of on-chain finance. Earlier in the same month, S& P Global also led a strategic investment in Kaiko, which is an independent leader in the areas of digital asset market data, indices, and data infrastructure. For more information about S& P Global's digital asset capabilities, please visit: spglobal.com / ratings / en / products / solutions / digital-assets.
Editor's Note
- What is a digital asset vault? A digital asset lending vault is an investment tool that operates on the blockchain. They gather investors' deposits and deploy them according to established strategies, with a functioning mechanism similar to that of managed fixed-income funds.
- Function: These strategies can be fully automated through smart contracts, or they can be managed at the discretion of human administrators.
- What is a smart contract? A smart contract is a self-executing program on the blockchain that can automatically enforce the terms of an agreement without the need for intermediaries. In a treasury, smart contracts hold pooled capital and execute the configurations and risk parameters set by curators.
- Ownership: Depositors receive share tokens, which represent their proportional claim to the vault's assets and any accumulated earnings.
- Role in finance: Treasuries aim to replicate the functions typically performed by traditional financial institutions, such as money market funds, private credit funds, private equity funds, and hedge funds, but they operate within a blockchain environment. They enable fund pool investment tools to exist directly on the chain.
- Growth: Although the digital asset lending treasury market is still in its early stages, its scale has significantly expanded. As of September 2026, the total deposits reached approximately $10 billion, a rapid increase from $1.5 billion in September 2024.
- S& P Global Ratings Introduction to Digital Assets: How Treasuries Will Shape Tomorrow's Capital Markets (May 25, 2026)
Media Contact
Russell Gerry, S& P Global Comms, London, [ email protected ]
Jeff Sexton, S& P Global Comms, New York, [ email protected ]
Michelle Lei, S& P Global Comms, Beijing, [ email protected ]
About S& P Global Ratings
At S&P, we provide key insights through analyst-led credit ratings, research, and sustainable finance expertise, helping to transform complexity into clarity so that market participants can seize opportunities and make decisions with confidence. By bringing transparency to the market with high-quality, independent credit assessments, we support the growth of a wide range of organizations, including corporations, governments, and institutions. S&P is a division of S&P Global (NYSE: SPDR). For more information, please visit [website link].
About S& P Global
S& P Global (New York Stock Exchange ticker: SPGI) provides trusted data, expertise, and technology to enterprises, governments, and individuals, helping them make confident decisions. We drive the development of critical intelligence through world-leading benchmarks, data, and insights, enabling our clients to plan with confidence, act decisively, and thrive in a rapidly changing global environment.
From helping clients assess new investments in capital and commodities markets, to addressing energy expansion, the acceleration of artificial intelligence, and the evolution of public and private markets, we support leading organizations around the world to seize opportunities, overcome challenges, and prepare for tomorrow – today. For more information, please visit www.spglobal.com.
