The S&P is talking about vault credit ratings
Most of these deposits sit on ethereum:0x58d97b57bb95320f9a05dc918aef65434969c2b2
Tick Tock
THE BLOCK: S&P Global Ratings has launched a new risk assessment framework for onchain lending vaults as deposits in the sector reach $10 billion, up from $1.5 billion two years ago.
The framework will assess credit, liquidity, curator, blockchain, protocol, security, and governance risks, with initial vault assessments to follow.