S&P Global Introduces DeFi Risk Framework as Vault Deposits Hit $10 Billion

S&P Global Ratings has introduced a new framework designed to evaluate risks associated with digital asset lending vaults. This initiative comes as vault deposits surged to $10 billion in September 2026, a significant increase from $1.5 billion recorded two years prior. The framework, known as the Vault Risk Assessment, examines six critical risk factors: credit quality, liquidity, curators, blockchains, protocols, and governance.

The framework aims to assess the overall relative risk of investor losses within individual lending vaults. These vaults pool deposits and deploy capital through predefined strategies, leveraging blockchain infrastructure and smart contracts. Depositors receive share tokens representing their proportional claim on vault assets and accrued returns.

S&P Global Ratings plans to publish its initial Vault Risk Assessments in upcoming announcements. Following the launch, shares of S&P Global (NYSE:SPGI) were trading down 0.49% at $386.27.