S&P Global to buy OpenZeppelin to expand blockchain risk assessments

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S&P Global to buy OpenZeppelin

Highlights

S&P Global agreed to acquire OpenZeppelin.
OpenZeppelin Contracts underpin $37 trillion in transfers.
The company has completed more than 900 security engagements.
Financial terms of the transaction were not disclosed.

The acquisition will expand S&P Global capabilities in onchain technology risk and complement its existing digital-asset risk assessment business, according to a press release. Financial terms were not disclosed, and the transaction remains subject to customary closing conditions.

OpenZeppelin brings smart contract security expertise

Founded in 2015, OpenZeppelin develops security tools and provides assessments for blockchain applications. Its open-source smart-contract libraries are widely used by developers building stablecoins, tokenized funds, and decentralized finance protocols.

OpenZeppelin said its Contracts software has supported more than $37 trillion in value transferred, including infrastructure used by many major stablecoins and tokenized funds. The company has also completed more than 900 security engagements for digital asset protocols and financial institutions.

The acquisition gives S&P Global access to expertise at a different layer of financial risk. Traditional ratings businesses have historically focused on creditworthiness and financial instruments, while blockchain markets introduce additional vulnerabilities tied to smart contracts, software architecture, and the infrastructure used to execute transactions.

OpenZeppelin will retain its name

OpenZeppelin will continue operating as a separate business unit under its existing name after the transaction closes. Founder and CEO Demian Brener will remain in charge and report to Yann Le Pallec, president of S&P Global Ratings.

S&P Global expects the combination to broaden its ability to assess technology risks associated with onchain financial products. OpenZeppelin, meanwhile, would gain access to S&P Global's institutional relationships and distribution as more banks, asset managers, and other traditional financial companies explore blockchain infrastructure.

Jefferies is advising S&P Global on the transaction, with Clifford Chance acting as legal advisor. FT Partners is serving as exclusive financial and strategic advisor to OpenZeppelin, while Cooley is providing legal advice.

Institutional finance moves further onchain

The deal highlights the growing overlap between established financial-risk businesses and blockchain security. As tokenized securities, stablecoins, and other digital assets move closer to mainstream capital markets, assessing the underlying code can become part of evaluating the risks surrounding those products.

OpenZeppelin brings a substantial existing footprint to that market, with more than $37 trillion in transfers supported by its Contracts libraries and over 900 security engagements. S&P Global said the acquisition is not expected to have a material impact on its financial results.

We also reported Kyobo Life and SBI completed a direct stablecoin settlement trial.

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