Profile
spUSDT profile facts
Spark Savings USDT (spUSDT) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg USDT-denominated NAV.
Variant relationship
Spark Savings USDT (spUSDT) is modeled as a savings variant of Tether (USDT). Pharos treats parent stress, redemption, mint authority, and dependency context as relevant to this variant before interpreting its own live metrics.
- Collateral
- USDT on Ethereum or USDT0 on Arbitrum and X Layer deposited into Spark Savings Vault V2; a permissioned Spark Liquidity Layer taker deploys idle assets into supported yield strategies, while Spark documents full USDS economic backing for these V2 vaults.
- Peg mechanism
- Users deposit USDT into Spark Savings Vault V2 and receive spUSDT; a permissioned Spark Liquidity Layer taker deploys idle USDT into yield strategies while share value accrues via the vault savings rate (vsr), not the Sky Savings Rate or legacy sUSDC path.
- Jurisdiction
- Not disclosed in the static profile.
- Proof of reserves
- No proof-of-reserves entry in the static profile.
Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.
spUSDT quick answers
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What is Spark Savings USDT (spUSDT)?
spUSDT is Spark's yield-bearing USDT wrapper for Spark Liquidity Layer allocations, accruing protocol-set returns from SLL deployment routes. The static profile records its USDT-denominated NAV accounting mechanism as: Users deposit USDT into Spark Savings Vault V2 and receive spUSDT; a permissioned Spark Liquidity Layer taker deploys idle USDT into yield strategies while share value accrues via the vault savings rate (vsr), not the Sky Savings Rate or legacy sUSDC path.
Is spUSDT safe?
As of Nov 8, 2026, Pharos grades spUSDT 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 spUSDT?
Pharos records spUSDT's reserves as of Oct 27, 2026 as 88.4% Spark Savings USDT deployed strategy positions and 11.6% Spark Savings USDT idle underlying. Reserve evidence: live reserve feed configured. Pharos classifies the backing as Crypto-Collateralized.
Can spUSDT 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 spUSDT?
Under the route Pharos reviewed on May 17, 2026, any holder can redeem spUSDT 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.
