Spark Savings USDT vault nearly doubles to $600 million in two weeks

Spark Savings USDT has nearly doubled its deposits to $600 million in just two weeks. In stablecoin yield products, that counts as a sprint. The vault lets people park USDT and earn a variable yield, paid back in USDT. What the vault actually does Spark Savings USDT is a non-custodial vault built on the ERC-4626 standard. Non-custodial means Spark does not hold users’ funds the way a bank holds deposits. Users keep control through smart contracts. When they deposit, they receive a vault token called spUSDT, which represents their share of the pool. Behind the scenes, the vault is backed 1:1 by USDS. It uses the Spark Liquidity Layer to route assets into lending venues, including SparkLend. The yield comes from lending activity, which is why the rate floats rather than sitting still. The vault runs on Ethereum and also supports other chains, including Arbitrum and X Layer. Spark offers sibling products too, such as spUSDC and sUSDS, for users holding other dollar tokens. The numbers behind the run The vault’s total value locked, or TVL, has been reported moving between $400 million and $605 million. Yields tell a slightly different story. The annual percentage yield on the USDT vaul...