Spark Savings USDC (spUSDC) stablecoin analytics
spUSDC is Spark's ERC-4626 V2 savings wrapper of USDC; share price compounds the Vault Savings Rate while exits redeem from vault USDC liquidity.
Static Profile
Static stablecoin profile
Spark Savings USDC (spUSDC) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg US Dollar.
Variant Relationship
Spark Savings USDC (spUSDC) 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 Aug 8, 2026
Spark Savings USDC lets USDC holders take the Sky savings rate without first converting into USDS, with idle deposits pulled out and deployed by the Spark Liquidity Layer. Unlike the immutable Morpho vaults it competes with, spUSDC is a UUPS proxy whose mint-critical logic can...
AI summary · drafted by claude-opus-5[1m] · facts as of Aug 8, 2026
- Collateral
- USDC deposited into Spark Savings Vault V2 (ERC-4626 asset=USDC); idle USDC is deployed by the Spark Liquidity Layer. Spark documents V2 USD vaults as economically fully backed by USDS / Sky balance-sheet liquidity for redemptions.
- Peg Mechanism
- Deposit USDC to mint spUSDC; share price appreciates against USDC as the Vault Savings Rate (vsr) accrues while SLL deploys idle assets. Withdrawals burn spUSDC for USDC subject to vault idle liquidity or Savings Liquidity Intents for large exits.
- Jurisdiction
- Not disclosed in the static profile.
- Proof Of Reserves
- No proof-of-reserves entry in the static profile.
Snippet Answer
Is spUSDC safe?
Pharos does not mark spUSDC as absolutely safe. Static metadata says Spark Savings USDC uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with live reserve feed configured; the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
Next Actions
Exact bot target: /subscribe dews,depeg,safety susdc-spark
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 Aug 8, 2026.
spUSDC quick answers
What is Spark Savings USDC (spUSDC)?
spUSDC is Spark's ERC-4626 V2 savings wrapper of USDC; share price compounds the Vault Savings Rate while exits redeem from vault USDC liquidity. The static profile records its US Dollar peg mechanism as: Deposit USDC to mint spUSDC; share price appreciates against USDC as the Vault Savings Rate (vsr) accrues while SLL deploys idle assets. Withdrawals burn spUSDC for USDC subject to vault idle liquidity or Savings Liquidity Intents for...
Is spUSDC safe?
Pharos does not mark spUSDC as absolutely safe. Static metadata says Spark Savings USDC uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with live reserve feed configured; the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
What backs spUSDC?
Pharos classifies spUSDC backing as Crypto-Collateralized. Collateral, per the static profile: USDC deposited into Spark Savings Vault V2 (ERC-4626 asset=USDC); idle USDC is deployed by the Spark Liquidity Layer. Spark documents V2 USD vaults as economically fully backed by USDS / Sky balance-sheet liquidity for redemptions. Reserve evidence: live reserve feed configured.
Can spUSDC be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded. Live freeze and blacklist events for spUSDC, when applicable, appear in the dossier below.