Spark Finance opens USDT savings vault to OKX users

Spark Finance has plugged its USDT savings vault directly into the OKX app, giving users on the exchange a one-click path to earning yield on their stablecoins. Deposits flow through OKX’s On-chain Earn feature and land in Spark’s vault on X Layer, the exchange’s EVM-compatible Layer 2 network. The product, which launched around September 10-11, is available in select markets outside the European Union. At launch, Spark Savings already held roughly $1.26 billion in total value locked. How it works under the hood The mechanics are designed to make DeFi invisible to the end user. OKX aggregates USDT deposits from its interface and routes them into the Spark Savings USDT vault, known as spUSDT. Users never need to manage an external wallet, approve smart contract transactions, or bridge tokens between networks. Under the surface, spUSDT is structured as a non-custodial ERC-4626 vault. ERC-4626 is a tokenized vault standard on Ethereum that creates a uniform way for protocols to handle yield-bearing deposits. Yield comes through the Spark Liquidity Layer, and every USDT deposited is backed 1:1 with USDS. The current annual percentage yield sits between 3% and 3.5%. Spark maintains what...