Spark USDC V1 (Legacy) (sUSDC) stablecoin analytics
Answer First
What is Spark USDC V1 (Legacy) (sUSDC)?
sUSDC is Spark's legacy USDC savings share, backed by sUSDS and redeemable through Sky PSM liquidity or an sUSDS escape hatch. The static profile records its USDC-denominated NAV accounting mechanism as: Deposit USDC through the PSM to obtain sUSDS and mint matching sUSDC shares; burn shares for USDC through PSM pocket liquidity. The exit function can instead return the corresponding sUSDS shares. Share NAV follows the Sky Savings Rate.
Is sUSDC safe?
Pharos does not mark sUSDC as absolutely safe. Static metadata says Spark USDC V1 (Legacy) uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with live reserve feed configured; the main caveat is that freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
Static Profile
Static stablecoin profile
Spark USDC V1 (Legacy) (sUSDC) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg USDC-denominated NAV.
Variant Relationship
Spark USDC V1 (Legacy) (sUSDC) is modeled as a savings variant of USD Coin (USDC). Pharos treats parent stress, redemption, mint authority, and dependency context as relevant to this variant before interpreting its own live metrics.
AI summary / Updated Oct 2, 2026
Spark's legacy sUSDC converts deposited USDC through the Sky PSM and holds sUSDS to earn the Sky Savings Rate. This V1 proxy is distinct from the tracked Spark Savings V2 vault despite their shared USDC denomination. Share accounting follows sUSDS, so native USDC redemption also depends on PSM pocket liquidity and applicable fees. The verified implementation offers an escape hatch into sUSDS, preserving the underlying protocol exposure rather than promising an unconditional cash exit.
- Collateral
- sUSDS shares in the Sky Savings Rate, obtained by converting deposited USDC through the Sky PSM. USDC is the deposit and ordinary redemption asset, not the held reserve asset.
- Peg Mechanism
- Deposit USDC through the PSM to obtain sUSDS and mint matching sUSDC shares; burn shares for USDC through PSM pocket liquidity. The exit function can instead return the corresponding sUSDS shares. Share NAV follows the Sky Savings Rate.
- Jurisdiction
- Not disclosed in the static profile.
- Proof Of Reserves
- No proof-of-reserves entry in the static profile.
- Contracts
- 1 deployment tracked across Ethereum.
Next Actions
Exact bot target: /subscribe dews,depeg,safety susdc-spark-v1
Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Oct 2, 2026.
sUSDC quick answers
What is Spark USDC V1 (Legacy) (sUSDC)?
sUSDC is Spark's legacy USDC savings share, backed by sUSDS and redeemable through Sky PSM liquidity or an sUSDS escape hatch. The static profile records its USDC-denominated NAV accounting mechanism as: Deposit USDC through the PSM to obtain sUSDS and mint matching sUSDC shares; burn shares for USDC through PSM pocket liquidity. The exit function can instead return the corresponding sUSDS shares. Share NAV follows the Sky Savings Rate.
Is sUSDC safe?
Pharos does not mark sUSDC as absolutely safe. Static metadata says Spark USDC V1 (Legacy) uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with live reserve feed configured; the main caveat is that freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
What backs sUSDC?
Pharos classifies sUSDC backing as Crypto-Collateralized. Collateral, per the static profile: sUSDS shares in the Sky Savings Rate, obtained by converting deposited USDC through the Sky PSM. USDC is the deposit and ordinary redemption asset, not the held reserve asset. Reserve evidence: live reserve feed configured.
Can sUSDC be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Live freeze and blacklist events for sUSDC, when applicable, appear in the dossier below.
