spUSDG (Spark Savings USDG) is a yield-bearing savings token issued by Spark, the DeFi arm of the Sky ecosystem, representing Global Dollar (USDG) deposited into Spark's savings module and accruing yield through an increasing exchange rate [S1][S2].

Each spUSDG is an ERC-4626 vault share: depositing USDG mints spUSDG at the current rate, and the spUSDG-to-USDG conversion rate grows over time as savings yield accrues, with no rebasing [S1]. The savings rate is variable and set through Spark/Sky governance, so it can change over time [S1][S2].

spUSDG is issued by permissionless, non-custodial smart contracts rather than a corporate issuer; USDG backing is held in the Spark savings module and redeemable for USDG at the prevailing exchange rate [S1]. The token's value depends on the Spark savings rate, the health of the Spark/Sky architecture it derives from, and the peg and issuer (Paxos) risk of the underlying USDG [S1][S2].

<Sources
  retrievedAt="2026-07-02"
  items={[
    { id: "S1", url: "https://spark.finance/" },
    { id: "S2", url: "https://docs.spark.finance/" },
  ]}
/>


Tokenized funds

Lenders deposit funds into Spark and receive interest payments from borrowers (supply-side fees).

Spark is a non-custodial lending protocol built on Ethereum. Spark’s development team Phoenix Labs was founded in early 2023.

SPK tokenholders own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue).

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Lending

Spark

SparkLend | Data breakdown

Spark Savings USDG (spUSDG) is a tokenized fund share issued by Spark.

The fund is open-ended, invests in multi-asset, and locks up subscriptions for 0 months.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can subscribe and redeem in USDG and instant subscription settlement, and holders have a right to redeem at net asset value with instant settlement.

spUSDG has been issued on Robinhood Chain as an ERC-4626 token since June 2026.

Spark Savings USDGspUSDG

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