S&P starts measuring how risky crypto lending vaults are
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. SummaryS&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 launch. S&P Global Ratings launched the framework on Oct. 4, describing it as a forward-looking assessment of the relative risk that an investors position in a digital asset lending vault could become impaired. The company said deposits across such vaults had climbed from $1.5 billion in September 2024 to roughly $10 billion two years later. S&P Global Ratings launched a risk framework for onchain lending vaults on October 5, as deposits hit $10 billion, up from $1.5 billion two years ago. The assessment covers credit, liquidity, curator, blockchain, protocol, security, and governance risks. Initial vault reviews… pic.twitter.com/MtBw838nWb — Oldmoney ???????? ᛤ???? (@oldmoney_sats) October 5, 2026 The system uses familiar letter









