S&P Brings Risk Scores to a $10B DeFi Lending Market

S&P Global Ratings has launched a risk framework for blockchain-based lending vaults, as deposits in the sector reached about $10 billion in September 2026, up from $1.5 billion two years earlier. The Vault Risk Assessment looks at six risks that could impair investors’ positions. That’s a new institutional lens on DeFi—but not a safety net.

Risk Gauge

The proposed scale runs from AAA(v) to D(v), and the vault’s curator can cap the result. S&P has **not...