Spark Blue Chip USDT Vault on Ethereum
V2A Morpho V2 vault on Ethereum that lends out USDT deposits, curated by SparkDAO. Depositors earn 2.70% a year right now after a 10% performance fee.
Data from Morpho's API · updated
Net APY
2.70%
after fees, paid to depositors
30-day APY
3.56%
7-day 3.81%, from the share price
Deposits
$48.16M
48.21M USDT
Withdrawable now
$17.05M
35% of deposits
Performance fee
10%
of the interest earned
Depositors
16
largest holds 1.0%
Spark Blue Chip USDT Vault APY history
Net APY earned each day, from the vault's share price: after fees, without token rewards
| Day | Deposits | Net APY |
|---|
Deposits over time
Where the money goes
The markets this vault lends to right now, largest first
| Market | Lent | Share |
|---|---|---|
| sUSDS / USDTLLTV 96.5% | $773K | 95.7% |
| cbBTC / USDTLLTV 86% | $34.7K | 4.3% |
The curator decides which markets the vault may use and how much it may put in each (the cap). Allocators then move money between those markets within the caps. How vaults work.
What the loans are backed by
Share of this vault's lending by the collateral borrowers put up
| wstETH | 62.9% |
|---|---|
| WBTC | 35.4% |
| sUSDS | 1.6% |
| cbBTC | 0.1% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 2.70% |
|---|---|
| Last 7 days | 3.81% |
| Last 30 days | 3.56% |
| Last 90 days | 3.05% |
Who controls this vault
| Curator | SparkDAO |
|---|---|
| Owner | 0x3300…f8c4 |
| Timelock to raise a cap | 10 dayswait before more can go into a market |
| Timelock to add an adapter | 10 dayswait before a new kind of investment |
| Timelock to raise fees | 10 days |
| Allocators | 1addresses that move money between markets |
| Sentinels | 1can pull money back or cut caps in an emergency |
| Pending changes | 2DecreaseTimelock from November 2, 2026; DecreaseTimelock from November 2, 2026 |
| Created | April 2, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDTprice $0.9990 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 3.00% |
| Vault contract | 0xb0c4…5B91 |
| USDT token | 0xdAC1…1ec7 |
| Network | Ethereum |
The curator's description: "Spark blue-chip USDT vault. Lending against the lowest risk crypto and real-world assets. Curated by Spark which allocates billions in assets across all of DeFi. See data.spark.fi for more details."
Largest depositors
16 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xB6CF…6033 | $500K | 1.0% |
| 0xCb06…50da | $243K | 0.5% |
| 0x3E9C…280B | $40.0K | 0.1% |
| 0x236c…6111 | $25.3K | 0.1% |
| 0xC84b…bF57 | $10.00 | <0.01% |
| 0xf922…6794 | $8.00 | <0.01% |
| 0x6535…e5D9 | $2.00 | <0.01% |
| 0xd74d…3Be3 | $1.00 | <0.01% |
| 0x7EE4…b6B2 | $1.00 | <0.01% |
| 0x0000…dEaD | $1.00 | <0.01% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Spark Blue Chip USDT Vault
Spark Blue Chip USDT Vault is a Morpho V2 vault on Ethereum, created on April 2, 2026. It takes USDT deposits and lends them to borrowers in 2 Morpho markets. The curator, SparkDAO, decides which markets it may use and how much can go into each.
It holds $48.16M (48.21M USDT) from 16 depositors and pays a net APY of 2.70% after its 10% performance fee. Over the last 30 days depositors actually earned 3.56% a year.
Its largest position is sUSDS / USDT at 96% of its deposits, followed by cbBTC / USDT (4%). Counting every market, its loans are backed mainly by wstETH (63%), WBTC (35%) and sUSDS (2%). 35% of deposits could be withdrawn right now.
Adding a market or raising how much can go into one waits behind a timelock of 10 days, which gives depositors time to leave first. Morpho's app shows no warnings for this vault.
Spark Blue Chip USDT Vault: quick answers
What is the APY of Spark Blue Chip USDT Vault on Ethereum?
Spark Blue Chip USDT Vault pays 2.70% net APY right now, after its fees. Measured from the growth of its share price, it paid 3.56% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Spark Blue Chip USDT Vault lend against?
It lends USDT through 2 Morpho markets. The biggest is sUSDS / USDT with 96% of its deposits. Overall its loans are backed mainly by wstETH (63%), WBTC (35%) and sUSDS (2%).
Can I withdraw from Spark Blue Chip USDT Vault right now?
About $17.05M of its $48.16M in deposits (35%) could be withdrawn immediately. The rest is lent out and frees up as borrowers repay or as higher rates bring in new lenders.
Who runs Spark Blue Chip USDT Vault and what does it charge?
SparkDAO curates it. It keeps 10% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Spark Blue Chip USDT Vault?
Like every Morpho vault, it can lose money if a borrower's collateral crashes faster than it can be liquidated, if a price oracle fails, or through a smart contract bug. Withdrawals can wait when its markets are fully borrowed. Adding a market or raising a cap waits behind a timelock of 10 days. This is not advice.
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