More than $10 billion has entered crypto vaults, up from $4 billion at the start of 2025, putting more digital assets into lending and staking strategies.

Vault depositors can earn yield while assuming exposure to borrowers, collateral, smart contracts and automated liquidations.

The expansion is drawing regulatory attention to curators that select strategies and set risk parameters while operating outside many of the structures used in conventional asset management.

More digital assets are moving into lending strategies, turning stablecoin and cryptocurrency holdings into credit exposure for investors seeking yield. The growth shows how the uses for digital assets are expanding.

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Stablecoins and other tokens sit in wallets, move through payments or are deployed as capital. Vaults are drawing more of that capital into lending and other strategies designed to produce returns.

More than $10 billion has been deposited into crypto vaults, up from $4 billion at the beginning of 2025, the Financial Times reported Monday (Oct. 19), citing Blockworks data. Strategies commonly offer returns between 3% and 10%, while some riskier strategies offer 20% or more.

Crypto vaults generally use smart contracts to allocate deposited assets, the report said. Many also employ curators that select strategies, set risk parameters and collect fees. They remain exposed to the quality and liquidity of that collateral and to the rules governing liquidation. FinTechs with large stablecoin balances, digital asset treasury companies and hedge funds are among the principal vault depositors.

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