---
title: "Spark Savings USDC (spUSDC) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/susdc-spark/"
description: "Build-time stablecoin profile for Spark Savings USDC (spUSDC). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Spark Savings USDC (spUSDC)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

an ERC-4626 vault that routes USDC through Spark's PSM into the Sky Savings Rate, with on-chain withdraw bounded by PSM liquidity. Spark Savings USDC (spUSDC) is the ERC-4626 V2 savings vault that gives USDC holders direct exposure to the Sky Savings Rate without first converting to USDS. Deposits are routed through Spark's {{term:psm}}PSM{{/term}} into Sky's savings module, and the share price appreciates against USDC as {{term:yield-bearing}}yield-bearing{{/term}} yield accrues. The Ethereum vault holds roughly $937M of USDC at the V2 deployment address shared with Avalanche. Rate-setting depends on Sky governance, so spUSDC inherits Sky's centralized-dependent yield-setting risk on top of the underlying USDC issuer surface. {{term:redemption}}redemption{{/term}} is on-chain through the vault's withdraw path; final USDC liquidity depends on the PSM buffer.

## Collateral

USDC deposited into Spark's ERC-4626 savings vault V2, routed through Sky's PSM and savings rate to generate USDC-denominated yield

## Peg Mechanism

Deposit USDC to mint spUSDC; the share price appreciates against USDC as the Sky Savings Rate accrues. Withdrawals burn spUSDC for USDC subject to Spark vault liquidity

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0x28b3a8fb53b741a8fd78c0fb9a6b2393d896a43d` | 6 |
| avalanche | `0x28b3a8fb53b741a8fd78c0fb9a6b2393d896a43d` | 6 |

## Live Data

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