Spark Savings USDT (spUSDT) is a Spark Savings V2 vault on Ethereum where users deposit USDT and receive an ERC4626 receipt token. Yield is anchored to the Sky Savings Rate and enhanced by the Spark Liquidity Layer, which routes capital across vetted lending venues and tokenized RWA strategies under on-chain rate limits. The vault is governed by SPK token holders within the Sky/MakerDAO ecosystem.
AUM
$859m
Net APY
2.5%
Active Users
491
Type
Vault
Network
Ethereum
BB
Elevated RiskCeiling AA+
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CurrentPotential
This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. The range from BB to AA+ reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.
SCSSmart Contract Security94
KMPKey Management Permissions83
MMarket60
LLiquidity85
CCollateral78
PMProtocol Mechanics100
ICEInfra Counterparty Exposures89
PCEProtocol Counterparty Exposures87
GGovernance83
FRFinancial Resilience60
TLCTeam Legal Compliance91
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▼ 36.86%
$859m
Over the last 30 days, the total value of Spark Savings USDT has dropped 36.86% with $501.32M in outflows.
Net APY · 30D▼ 6.02%
2.5%
Over the last 30 days, the APY has decreased from 2.66% to 2.50%.
Active Users · 30D▼ 0.81%
491
Over the last 30 days, active users have decreased by 0.81%, reaching 491 wallets.
Market Details
ChainEthereum
Treasury$81.30M
Code AuditsChainSecurity (Spark Vaults V2) ↗Cantina (Spark Vaults V2) ↗ChainSecurity (Spark ALM Controller) ↗Cantina (Spark ALM Controller) ↗Cantina (Spark PSM) ↗
Oracles UsedNone (governance-set VSR) ↗
Stated Withdrawal TimeInstant
Component Ratings
Contract Addresses
Smart Contract0xe2e7...e3C372
ALMProxy0x1601...18347E
ALMController0x5c46...1502D3
ALMRateLimits0x7A5F...44b188
ALMOpsMultisig0x2E1b...BaeDfC
Implementation0x1b99...77f455
ALMFreezerMultisig0x90D8...513431
ALMRelayerMultisig0x8a25...c839AB
Key Strengths
S1All core contracts dual-audited by ChainSecurity and Cantina across more than 20 audit reports covering both the Spark Vaults V2 and the ALM Controller across multiple version releases
S2Permissionless ERC4626 withdrawals with no pause function and no address-level blocking; an idle liquidity buffer supports instant withdrawals while Savings Liquidity Intents handle larger asynchronous redemptions
S3On-chain rate limits act as both whitelist and circuit breaker; the relayer is explicitly assumed compromisable in the threat model, with a FREEZER role enabling rapid halt and per-integration caps bounding losses under adversarial conditions
S4Backed by the Sky/MakerDAO ecosystem with a long operational history, large stablecoin reserves, a publicly identified development team, and a structured governance process with a multi-week effective timelock through Risk Council, Snapshot vote, and Sky Spell execution
Key Risks
R1USDT issuer counterparty risk: Tether is a centralized issuer with weaker reserves transparency than Circle, has experienced historical brief depegs, and is not authorized for circulation in the EU/EEA under MiCA — a structural cap on the vault's USDT-denominated risk profile
R2Young operational history of around seven months; multiple resilience-sensitive questions are scored Mid because the vault has not yet been tested through severe market stress events
R3Operational multisig signer identities are not publicly disclosed for the ALM Ops, Relayer, and Freezer multisigs, preventing independent verification of signer independence
R4No dedicated loss reserve or safety module ring-fenced for spUSDT depositors; the Spark DAO treasury is shared across all Spark products and represents a small share of total protocol TVL
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