According to S&P Global Ratings’ “Analytical Approach: Vault Risk Assessments,” the projected size of blockchain‑based lending markets has expanded from about $1.5 billion (roughly 2 trillion 235 billion KRW) in the past two years to about $10 billion (roughly 13 trillion 4900 billion KRW). This reflects that global markets using digital assets for financial transactions are growing rapidly.
In this announcement, Ratings presented a risk‑assessment framework for lending markets. The evaluation items include seven elements: newness, liquidity, asset manager, blockchain itself, protocol, security, and governance. Through these items the assessment goes beyond mere size to a holistic view of asset usage, infrastructure, and management systems.
Additionally, S&P Global Ratings outlined overall risks of the blockchain lending market and application methods for each item. Especially, liquidity assessment of the assets and security threats that may arise during protocol usage are separately analyzed.
The current announcement does not include actual evaluation results for each market. In future first assessment, how the standards apply to each will be practically verified. This should allow investors and financial institutions to more clearly predict and respond to risks that may arise in blockchain‑based lending markets.