Spark Opens USDT Savings Vault to OKX Users, Offering On-Chain Yield

OKX users can now earn on-chain yield on their USDT balances within the OKX app, thanks to Spark's $USDT savings vault. The arrangement lets users access on-chain capital allocation without having to open a wallet or bridge funds.

Spark, an on-chain capital allocation platform, aggregates customer deposits and routes them into its Ethereum Layer 2 (X Layer) USDT vault. The vault pays a rate of 3.5%, the same as Spark's Ethereum $USDT vault. Aave's Ethereum $USDT market paid a base supply rate of 3.72% on Thursday, according to DefiLlama.

Spark governance set the X Layer vault's supply cap at $750 million and its maximum yield at 6%. The current total value secured by X Layer is $130.4 million, per L2BEAT. Spark targets a liquidity buffer of the greater of 10% of deposits or $1 million, capped at $10 million.

OKX's chief innovation officer, Jason Lau, said routing the product through X Layer allows eligible USDT holders to access a differentiated savings product without onboarding overhead. Sam MacPherson, co-founder and CEO of Spark, added that OKX provides the exchange experience, X Layer connects it to DeFi, and Spark coordinates capital across approved lending, liquidity, and credit opportunities.