S&P Global Launches Risk Framework for Crypto Lending Vaults

S&P Global Ratings has introduced a new framework called the Vault Risk Assessment (VRA) to evaluate the risks associated with crypto lending vaults. These vaults, which manage deposits pooled under specific strategies, held approximately $10 billion in deposits as of September 2026. The VRA aims to address gaps in on-chain data by assessing factors such as credit, liquidity, curator, blockchain, protocol, security, and governance risks.

The assessment focuses on risks that are not immediately visible through blockchain data alone, such as the potential for borrowers to default, liquidity issues during large withdrawals, and changes in strategy by vault curators. S&P emphasizes that the VRA is not a credit rating but rather a forward-looking opinion on the risk of impairment to a depositor’s position.

As crypto lending vaults continue to grow, with deposits rising from about $1.5 billion in September 2024 to $10 billion by September 2026, traditional financial firms like Morgan Stanley are also taking an interest. However, S&P has not yet published individual Vault Risk Assessments, and the framework is intended to complement, not replace, on-chain data.

The usefulness of the VRA will depend on whether vault operators seek assessments and whether investors use them alongside existing data. While it won’t eliminate risk from crypto lending, it could provide depositors with a clearer understanding of where risks lie before committing capital.