Large wallet moves $150 million in USDT from Aave to Spark Savings

A single on-chain wallet has pulled $150 million in USDT out of Aave and parked it in Spark’s USDT Savings product, known as spUSDT. The withdrawals coincided with double-digit borrowing rates. Stablecoin borrowers usually expect single digits, so that kind of reading tends to be a sign of strain rather than a feature. Why a $150 million move matters When a depositor of this size walks away, the pool gets thinner. On rate models driven by supply and demand, a thinner pool means pricier loans for everyone still borrowing. The destination matters too. Spark operates within the Sky ecosystem, and its pitch leans on rate limits and peg stability rather than the free-floating, supply-and-demand approach Aave uses. The KelpDAO hangover The story starts on April 18, 2026, when the KelpDAO rsETH exploit hit. The incident left Aave with roughly $195 million in bad debt, largely because rsETH used as collateral turned out to be unbacked. The reaction was swift. Aave saw estimated net outflows of $10 to $16 billion shortly after the exploit, according to the research findings, with total value locked falling from approximately $48.5 billion to $30.7 billion in just over three days. Spark was ...