Spark Finance’s spUSDC V2 attracts $56M in under 40 minutes

More than $56.5 million poured into Spark Finance’s spUSDC V2 vault in fewer than 40 minutes on September 14, a pace that makes even the fastest traditional money market fund look glacial by comparison. What spUSDC V2 actually does When users deposit USDC into the vault, they receive spUSDC tokens in return. Those tokens accrue the Vault Savings Rate as the underlying Spark Liquidity Layer, backed by USDS (the Sky ecosystem’s stablecoin), deploys the deposited USDC into yield-generating strategies. The current net APY sits at roughly 3.55%. The spUSDC token itself is transferable, which means holders can move it, use it as collateral in other protocols, or trade it without unwinding their position in the vault. A pattern of rapid adoption Spark Savings V2 has been attracting capital at an unusual clip since its launch in late October 2025, when it pulled in over $120 million in total deposits on day one alone. Demand was so immediate that the protocol had to raise the deposit caps for both its spUSDC and spUSDT vaults from $50 million to $250 million shortly after launch. The vault’s assets under management have since grown to approximately $316 million for spUSDC specifically, wit...