Spark supplies over $400M USDC to Morpho’s cbBTC/USDC market on Base

Spark now supplies more than $400 million in USDC to the cbBTC/USDC lending market on Base. That makes it the source of nearly a quarter of all the USDC in the market. The numbers behind the vault Spark is the allocation layer from the Sky ecosystem. It routes its capital through a dedicated Morpho USDC Vault, which in turn feeds the cbBTC/USDC market. Spark’s vault has allocated over $410 million into that single market, according to the research data. Spark’s own public figure puts it at “over $400 million” and “nearly a quarter” of the market’s USDC. The market itself is large. Total supplied assets sit at approximately $1.77 billion, with $1.60 billion borrowed. That works out to a utilization rate above 90%. Put simply, almost every dollar lenders deposit is already out on loan. Spark adjusts its USDC reserves to track borrowing needs, according to the research findings. Its allocations started modest and grew rapidly from there. How the market works The market runs on Morpho as an isolated lending market. Isolated means the risk stays inside this one pairing. Problems with some unrelated asset elsewhere on Morpho do not spill into it. The market launched on September 4, 2024....