---
title: "Spark USDC V1 (Legacy) (sUSDC) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/susdc-spark-v1/"
description: "Build-time stablecoin profile for Spark USDC V1 (Legacy) (sUSDC). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-10-02"
---



# Spark USDC V1 (Legacy) (sUSDC)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

Spark's legacy sUSDC converts deposited USDC through the Sky PSM and holds sUSDS to earn the Sky Savings Rate. This V1 proxy is distinct from the tracked Spark Savings V2 vault despite their shared USDC denomination. Share accounting follows sUSDS, so native USDC redemption also depends on PSM pocket liquidity and applicable fees. The verified implementation offers an escape hatch into sUSDS, preserving the underlying protocol exposure rather than promising an unconditional cash exit. Its CoinGecko identity is retained for detail routing, while current valuation requires the separate ERC-4626 NAV path because the published provider price is stale.

## Collateral

sUSDS shares in the Sky Savings Rate, obtained by converting deposited USDC through the Sky PSM. USDC is the deposit and ordinary redemption asset, not the held reserve asset.

## Peg Mechanism

Deposit USDC through the PSM to obtain sUSDS and mint matching sUSDC shares; burn shares for USDC through PSM pocket liquidity. The exit function can instead return the corresponding sUSDS shares. Share NAV follows the Sky Savings Rate.

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xbc65ad17c5c0a2a4d159fa5a503f4992c7b545fe` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/susdc-spark-v1.