S&P Global Launches Risk Framework for Crypto Lending Vaults

S&P Global's entry into vault risk assessment signals that crypto lending is being pulled toward the kind of structured evaluation that institutional allocators already expect in traditional credit markets. The framework's real significance lies less in the six categories themselves than in who is doing the rating: a mainstream provider lending its name to a sector still rebuilding trust after prior credit blowups. The open question is whether vault operators treat the standard as a genuine disclosure discipline or a marketing label, and whether deposit growth continues on the strength of that credibility.