S&P Global Ratings has launched the Vault Risk Assessment (VRA), a framework for grading risks in crypto lending vaults. Unveiled in Singapore on October 4, 2026, the tool assigns letter grades across six distinct factors: portfolio credit quality, liquidity mismatch, curator risk, blockchain risk, protocol risk, and vault security and governance risk. The market for these vaults reached approximately $10 billion as of September 2026, up from $1.5 billion in September 2024, representing 6.7 times growth over two years. Andrew O’Neill, S&P’s analytical lead for digital assets, noted that recent DeFi exploits exposed loose risk parameters across the sector. S&P expects to publish its first VRA ratings for selected vaults in upcoming announcements.
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