Credit ratings giant S&P Global has agreed to acquire smart contract security firm OpenZeppelin, expanding its risk assessment business to the code underpinning tokenized financial products.

Announced on Thursday, the deal will give S&P Global access to OpenZeppelin’s smart contract security tools and technical expertise as banks and asset managers move more financial products onto blockchain networks.

“As digital assets and tokenized markets continue to mature, OpenZeppelin’s technology and expertise will complement our smart contract and onchain technology risk assessment capabilities, giving traditional financial institutions and DeFi-native companies alike the confidence to build and transact in this new environment,” Yann Le Pallec, President, S&P Global Ratings, said in a statement.

While the terms of the deal were not disclosed, S&P Global says its digital assets strategy centers on “bringing trusted data, benchmarks and transparent risk assessment to markets as they move onchain.”

Founded in 2015, OpenZeppelin develops open-source smart contract libraries and provides security assessments and development services. Smart contracts are programs, found on blockchains including Ethereum, Solana, and Cardano, that automatically execute transactions on a blockchain when predetermined conditions are met.

S&P Global said OpenZeppelin will help it develop security assessments, benchmarks, and data services covering the technical risks associated with onchain financial products.

The acquisition builds on S&P Global’s broader expansion into digital assets. S&P Dow Jones Indices previously helped develop the S&P Digital Markets 50 Index, which combines 35 blockchain-related stocks with 15 cryptocurrencies and was designed to gain onchain verifiability through Chainlink.

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The deal comes as institutional interest in tokenized financial products grows. BlackRock recently launched tokenized money market funds on Solana and Ethereum, while banks have explored blockchain networks for tokenized deposits, stablecoin payments, and automated settlement.

It also comes as the SEC introduced an “innovation exemption” allowing qualifying platforms to trade tokenized U.S. stocks on public blockchains without registering as national securities exchanges, days after the Clarity Act stalled in the Senate.

OpenZeppelin will continue operating under its own name as a separate S&P Global business unit. Co-founder and CEO Demian Brener will remain in charge and report to Le Pallec.

“OpenZeppelin’s standards, technology, and expertise already power the infrastructure behind the world’s leading stablecoins, tokenized funds, DeFi protocols, and onchain markets,” OpenZeppelin CEO Demian Brener said in a statement. “With S&P Global, that foundation reaches a broader set of organizations entering this market, as well as the blockchain networks and DeFi protocols gaining institutional adoption.”