S&P Global Ratings launched the Vault Risk Assessment (VRA), a tool evaluating six risk factors associated with blockchain lending vaults. Deposits in this market reached approximately $10 billion in September 2026, up from $1.5 billion two years earlier, representing growth of about 6.7 times. The VRA is not a credit rating but a forward-looking opinion on the relative risk of impairment to an investor’s position. The tool covers portfolio credit quality, liquidity mismatch risk, curator risk, blockchain risk, protocol risk, and vault security and governance risk.
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