On October 23, 2025, the DeFi lending protocol Spark announced a $100 million allocation from its stablecoin reserves to Superstate's Crypto Carry Fund (USCC), aiming to capture basis trade yields as traditional U.S. Treasury returns soften. This move comes as U.S. Treasury yields have fallen to six-month lows, compressing returns for DeFi protocols and stablecoin issuers reliant on tokenized T-Bills.
The USCC Fund employs a market-neutral arbitrage strategy, generating returns by capitalizing on the price difference, or "basis," between crypto assets like Bitcoin (BTC) and Ethereum (ETH) and their futures contracts on the CME. Spark highlighted that USCC claims to offer a 9.26% 30-day yield, a significant premium over declining Treasury returns, which helps maintain the attractiveness of Spark's sUSDS savings rate funded by protocol revenue.
This investment positions a portion of Spark's $9 billion USDS stablecoin reserve for enhanced yield diversification, reflecting the protocol's broader strategy to reduce exposure to volatile crypto markets. Spark has previously made large-scale deployments, including $1.1 billion to Ethena's USDe and sUSDe tokens, $25 million to Maple Finance lending pools, and the launch of a $1 billion Tokenization Grand Prix to advance tokenized asset adoption.
Superstate, founded by Robert Leshner, creator of Compound Finance, specializes in tokenized financial products that comply with U.S. securities laws while offering onchain transparency. This partnership underscores a growing industry trend toward tokenized real-world assets (RWAs) as DeFi platforms seek regulated, yield-bearing instruments for long-term sustainability.
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