S&P Global Acquires OpenZeppelin in Second Crypto Deal This Week

S&P Global agreed to acquire OpenZeppelin on Thursday. The open-source code from OpenZeppelin forms the foundation for most major stablecoins worldwide. This makes S&P Global the second crypto-related acquisition in a three-day span for the credit rating giant.

The acquisition price was not disclosed. With this deal, S&P Global gains control over tokenized fund movement code, not just data.

OpenZeppelin has provided free smart contract components since 2015. Smart contracts are programs that move funds on blockchains without banks. The company claims its code has facilitated transfers worth over $37 trillion, conducted more than 900 security audits, and identified over 10,000 defects.

The CEO will remain in position reporting to S&P Global Ratings Chairman Yan Le Pallec.

S&P Global has focused on crypto product ratings for a year. It recently issued the first credit rating for DeFi protocol Sky and the inaugural stablecoin stability assessment. It also tokenized the S&P 500 index, partnered with Centrifuge, and built a hybrid crypto-stock benchmark.

This acquisition signals S&P Global moving beyond evaluating products to assessing the underlying code itself. The move follows S&P's $137.5 million settlement with the U.S. Department of Justice in 2015 over mortgage valuation issues during the financial crisis.

On Monday, S&P led a $110 million funding round for Kaiko, a Paris-based company providing price data for over 150 exchanges and protocols. BNP Paribas, Nasdaq Ventures, and Canada Royal Bank also participated. Kaiko calculates value for tokenized assets while OpenZeppelin verifies the reliability of code storing those assets.

Both investments align with CoinGecko's analysis showing that protocols passing independent audits accounted for 88% of total theft incidents from January 2025 through July 2026, totaling $363 million in losses. Even audited protocols face asset loss risks.

Investors reacted neutrally to the acquisition news. S&P Global Inc (SPGI) closed at $406.76 on September 16, far below its 52-week high of $552.25.