---
title: "Spark USDC Vault (sparkUSDC) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/sparkusdc-spark/"
description: "Build-time stablecoin profile for Spark USDC Vault (sparkUSDC). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-10-02"
---



# Spark USDC Vault (sparkUSDC)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

Spark USDC Vault earns lending interest on Base through a Morpho vault curated by Spark. Its current supplied book is concentrated in a cbBTC-collateralized market, while the share remains denominated and redeemable in USDC. An increasing ERC-4626 exchange rate tracks the lender claim, but it does not establish a segregated fiat entitlement or eliminate borrower and liquidation risk. Withdrawals depend on available market liquidity, and a small executable redemption does not prove a full-supply exit under stress. Circle freeze exposure and Spark strategy controls remain separate constraints.

## Collateral

USDC-denominated Morpho lending claims on Base, concentrated in a cbBTC-collateralized market; the lender vault does not directly hold the borrowers' cbBTC collateral.

## Peg Mechanism

Deposit USDC to mint ERC-4626 lending-vault shares. Accrued lending interest increases USDC per share; redemption burns shares and withdraws available underlying liquidity from Morpho positions. Borrower defaults, collateral liquidation and vault fees affect share value.

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| base | `0x7bfa7c4f149e7415b73bdedfe609237e29cbf34a` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/sparkusdc-spark.