S&P Global Ratings has introduced a Vault Risk Assessment (VRA) framework to evaluate impairment risks for investor positions in on-chain digital asset lending. The assessment examines six dimensions including portfolio credit quality, liquidity mismatch, curators, blockchain infrastructure, protocol design, and vault security and governance, assigning letter grades with a "v" suffix. S&P clarified that the VRA is not a credit rating, with initial assessment results to be released separately. The launch coincides with significant sector expansion, as on-chain lending vault deposits have surged from $1.5 billion in September 2024 to $10 billion in September 2026.