2025 has been a busy year for Spark.

Spark recently onboarded PYUSD, and deposits in SparkLend have already surpassed $200 million, with plans to increase to $1 billion deposits over the coming weeks. This milestone reflects both the demand for PYUSD and the effectiveness of Spark’s stablecoin bootstrapping framework.

Spark has long relied on Morpho vaults for the Spark Liquidity Layer (SLL), deploying assets whenever a high-yield strategy requires isolated execution. Over time, these vaults have grown into major capital hubs within DeFi with over $1 billion in deposits.

After many years of hard work, Spark has gone live in most aspects as of July 1. This article will cover what this means in full detail, including revenue projections, the Sky/Star relationships, the long-term case for Spark, as well as an overview of this new type of decentralized governance structure.

Coinbase’s crypto-backed loans (built on Morpho’s infrastructure) are powered by USDC liquidity from Spark. This integration gives Coinbase users a simple way to borrow USDC against their BTC directly within the Coinbase app, while Spark provides the onchain capital behind the scenes.

Since launching on Base on November 18, 2024, Spark has seen rapid adoption. In just three months, the circulating supply of sUSDS on Base surpassed $50M, peaking at $118M with over 650 wallets holding more than 100 sUSDS. This growth confirmed strong demand for on-chain yield and composable savings products.

Spark Rewards is a new program that distributes tokens weekly to users who take on-chain actions that support the growth of the Spark ecosystem.

Spark closed Q1 with strong momentum—expanding to new chains, integrating new protocols and assets, and launching new products that improve access to stablecoin savings and liquidity deployment.

In July 2024, Spark launched the Tokenization Grand Prix, a competition designed to onboard up to $1 billion in tokenized assets, depending on market conditions. The initiative aimed to allocate stablecoins directly through the Spark Liquidity Layer (SLL) to the winning projects, advancing Spark’s goal of becoming the stablecoin growth engine for DeFi, using RWAs as a tool to diversify its balance sheet.