S&P Global has agreed to acquire OpenZeppelin, the smart contract security firm whose open source code underpins many stablecoins and tokenized funds. Terms were not disclosed and S&P said the deal will not be material to its results.
The purchase moves S&P into the technology risk layer of tokenization. Until now it has assessed the credit and structure of stablecoins, tokenized bonds and money market funds. Soon it will own the firm many issuers rely on to check the code itself.
Founded in 2015, OpenZeppelin is known for two things. Its Contracts library provides the standard smart contract building blocks for tokens and has supported more than $37 trillion in transactions, based on its own estimates. Its audit practice has completed over 900 security engagements, reviewing code for DeFi protocols and institutions. Few would dispute it leads the sector. It also offers secure development services, helping clients to build. That combination of builder, auditor and open source provider is what makes the S&P fit interesting.
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