FT: Funds in Crypto Vaults Exceed $10 Billion Amid Regulatory Scrutiny The amount of funds held in crypto vaults has exceeded $10 billion as investors seek higher returns on stablecoins. At the same time, growth in the sector has drawn the attention of regulators in the United States and Europe over risks associated with lending in decentralized finance (DeFi). The Financial Times reported this, citing the research group Blockworks. At the beginning of 2025, these vaults held around $4 billion. They allow digital asset holders to deposit tokens into a chosen strategy and earn returns, including through lending to traders. Crypto vaults use smart contracts to manage assets without traditional intermediaries. However, each vault has a curator — similar to a fund manager — who selects the strategy, sets risk parameters, and charges a fee.