Spark

Spark Savings USDT

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

$1.17b+31.81%

APY

2.93%-9.01%

BBRated Protocol

Updated May 6, 2026

Risk Rating

AAAAAABBBBBBCCCCCCD

This rating is based solely on publicly available information. 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.

SCS: Smart Contract Security

KMP: Key Management Permissions

M: Market

L: Liquidity

C: Collateral

PM: Protocol Mechanics

ICE: Infra Counterparty Exposures

PCE: Protocol Counterparty Exposures

G: Governance

FR: Financial Resilience

TLC: Team Legal Compliance

DT: Documentation Transparency

Potential Score

Provider risk assessed across Business, Operations, Reliability, and Security.

View the detailed scoring breakdown

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Contract Addresses

VaultContract

0xe2e7...C372

ALMProxy

0x1601...347E

ALMController

0x5c46...02D3

ALMRateLimits

0x7A5F...b188

ALMOpsMultisig

0x2E1b...eDfC

Implementation

0x1b99...f455

ALMFreezerMultisig

0x90D8...3431

ALMRelayerMultisig

0x8a25...39AB

GovernanceExecutor

0x3300...f8c4

SparkFoundationMultisig

0x92e4...F5ec

Key Strengths

All 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
Permissionless 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
On-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
Backed 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
Active Immunefi bug bounty with top-tier maximum payout for critical vulnerabilities, hundreds of assets in scope, comprehensive technical documentation, a canonical address registry, and full on-chain proof-of-reserves
$1B+ TVL with continuous operation since launch; deep USDT-USDS Curve pools and the Sky PSM provide systemic backstop liquidity for exits

Key Risks

USDT 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
Young 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
Operational multisig signer identities are not publicly disclosed for the ALM Ops, Relayer, and Freezer multisigs, preventing independent verification of signer independence
No 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
UUPS upgradeability: the vault implementation can be upgraded by the Spark Proxy governance executor; procedural protections are strong but the technical upgrade path remains a structural risk
Broad counterparty exposure through the Spark Liquidity Layer, which deploys into 10+ external protocols including some without established tier ratings; rate limits bound per-venue exposure but the overall counterparty surface is wide