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spUSDC profile facts

Spark Savings USDC (spUSDC) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg USDC-denominated NAV.

CeFi-DependentCrypto-CollateralizedUSDC-denominated NAV

Variant relationship

Spark Savings USDC (spUSDC) is modeled as a savings variant of USD Coin (USDC). Pharos treats parent stress, redemption, mint authority, and dependency context as relevant to this variant before interpreting its own live metrics.

Savings variantGauntlet USDC Prime (gtUSDCp)Gauntlet USDC Prime V1 (gtUSDC)Keyrock Prime USDC (krUSDC)Galaxy USDC (arcUSDC)
Collateral
USDC deposited into Spark Savings Vault V2 (ERC-4626 asset=USDC); idle USDC is deployed by the Spark Liquidity Layer. Spark documents V2 USD vaults as economically fully backed by USDS / Sky balance-sheet liquidity for redemptions.
Peg mechanism
Deposit USDC to mint spUSDC; share price appreciates against USDC as the Vault Savings Rate (vsr) accrues while SLL deploys idle assets. Withdrawals burn spUSDC for USDC subject to vault idle liquidity or Savings Liquidity Intents for large exits.
Jurisdiction
Not disclosed in the static profile.
Proof of reserves
No proof-of-reserves entry in the static profile.
Contracts
3 deployments tracked across Ethereum, Avalanche, and X Layer.

Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.

spUSDC quick answers

5
What is Spark Savings USDC (spUSDC)?

spUSDC is Spark's ERC-4626 V2 savings wrapper of USDC; share price compounds the Vault Savings Rate while exits redeem from vault USDC liquidity. The static profile records its USDC-denominated NAV accounting mechanism as: Deposit USDC to mint spUSDC; share price appreciates against USDC as the Vault Savings Rate (vsr) accrues while SLL deploys idle assets.

Is spUSDC safe?

As of Nov 8, 2026, Pharos grades spUSDC B- (69/100) on its Safety Score. Pharos's reviews record that admin controls such as a pause or an upgradeable contract exist, though no power to freeze a specific holder was found, and any holder can use its reviewed redemption route. That grade is in the Score's upper band, which does not rule out losses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.

What backs spUSDC?

Pharos records spUSDC's reserves as of Oct 27, 2026 as 96.7% Spark Savings deployed strategy positions and 3.3% Spark Savings USDC idle underlying. Reserve evidence: live reserve feed configured. Pharos classifies the backing as Crypto-Collateralized.

Can spUSDC be frozen or blacklisted?

Based on tracked contract metadata and blacklist coverage, admin controls such as a global pause or an upgradeable contract are recorded, but the review found no active power to freeze or seize a specific holder's balance on material deployments.

How do you redeem spUSDC?

Under the route Pharos reviewed on May 17, 2026, any holder can redeem spUSDC for a single stable asset, such as cash or a stablecoin. Redemption settles atomically on-chain. The reviewed terms charge no percentage redemption fee. Whether a given holder qualifies is set by the route's own terms, not by this summary.