S&P's Quiet Web3 Buildout Paves Way for Institutional Investors

S&P Global has been quietly building its presence in the Web3 market through a series of foundational moves, rather than flashy token launches or DeFi protocols. The company's focus on creating trusted benchmarks, risk assessments, and reliable technical foundations is crucial for institutional capital to truly enter the on-chain market.

The journey began with the launch of S&P's digital asset indices in May 2021, which used data from Lukka and were managed by S&P's index committee. This was followed by a dedicated research and business organization for DeFi, established in May 2022, led by Chief DeFi Officer Chuck Mounts.

The company has continued to expand its presence, launching the S&P Cryptocurrency DeFi Index in January 2023 and a stablecoin stability assessment framework at the end of that year. In 2025, S&P Global Ratings assigned ratings to tokenized funds and decentralized lending protocol Sky Protocol, marking a significant milestone for institutional investors.

S&P's on-chain indices are not just about tokenizing fund shares or launching perpetual contracts, but also about turning index data itself into an on-chain asset. The company has partnered with Kaiko to integrate its index data onto the blockchain, allowing smart contracts to access and execute valuation, collateral adjustments, and fund rebalancing.