S&P Global Ratings has launched the Vault Risk Assessment (VRA), a new framework designed to evaluate risks within crypto lending vaults. The system was officially unveiled in Singapore on October 4, 2026, following a period of increased DeFi exploits that highlighted inadequate risk management across the sector.
The VRA assigns letter grades with a (v) suffix to distinguish these assessments from traditional credit ratings. The framework breaks down the evaluation into six distinct components, allowing investors to identify specific weaknesses in areas such as collateral quality or governance structures.
The market for these vaults has seen significant expansion, with total deposits reaching approximately $10 billion as of September 2026. This represents a growth of roughly 6.7 times compared to the $1.5 billion recorded in September 2024.
S&P Global previously established its presence in the digital asset space by rating the Sky Protocol and a Bitcoin-backed structured finance deal with Ledn. The company plans to release its first VRA results for selected vaults in future announcements.
