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



# Spark Blue Chip USDT Vault (sparkUSDTbc)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

Spark Blue Chip USDT Vault routes USDT through a Morpho lending adapter into markets secured by wstETH, WBTC and sUSDS, with a negligible cbBTC position in the reviewed inventory. Holders own a transferable lender receipt whose asset exchange rate increases with net interest. The immutable vault separates strategy configuration from share accounting, though Spark controllers retain fee, allocation and withdrawal-gate powers. Ordinary USDT redemption is limited by liquid lending positions; emergency in-kind mechanics do not establish guaranteed cash realization. Tether issuer risk remains upstream, and the exact vault has no independently reconciled financial assurance or proven insolvency priority.

## Collateral

USDT-denominated Morpho lending positions through a MorphoMarketV1Adapter, collateralized by wstETH, WBTC, sUSDS and a negligible cbBTC position; not directly held borrower collateral.

## Peg Mechanism

Deposit USDT to mint ERC-4626 lending-vault shares. Accrued lending interest increases USDT 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 |
| --- | --- | --- |
| ethereum | `0xb0c424116172b55cbb6dd3136f5989f7959e5b91` | 18 |

## Live Data

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