sUSDS Yield: Earn up to 13% APY on sUSDS/AUSD

sUSDS is Sky Protocol’s savings USDS token, deposited into Spark’s ERC-4626 vault. Holders earn the Sky Savings Rate (SSR), funded by Sky’s revenue from crypto-collateralized loans, U.S. Treasury investments, and SparkLend liquidity provisioning.

How the strategy works

This is a max-APY yield loop: sUSDS is supplied as collateral and AUSD is borrowed against it on Morpho, then recycled back into sUSDS to multiply the underlying Sky Savings Rate yield. Because the two assets are price-correlated, the position targets amplified yield rather than directional price exposure.

Strategy details

Collateral asset

Savings USDS (sUSDS)

Borrowed asset

AUSD

Issuer

Sky

Yield source

Sky Savings Rate

Underlying

USDS

Category

stable

Network

Ethereum

Protocol

Morpho

Live metrics

Collateral APY

3.52%

Net borrow APY

2.81%

Max leverage

17.4x

Default leverage

15.4x → 13.74% APY

Leverage ladder

1x 3.52% · 2x 4.23% · 3x 4.94% · 4x 5.65% · 5x 6.36% · 6x 7.07% · 7x 7.78% · 8x 8.49% · 9x 9.20% · 10x 9.91% · 11x 10.62% · 12x 11.33% · 13x 12.04% · 14x 12.75% · 15x 13.46% · 16x 14.17% · 17x 14.88% · 17.4x(max) 15.16%

Oracle type

nav

Exit slippage

$100k 0.00% · $500k 0.00% · $1M 0.00% · $5M 0.00% · $10M 0.00%

as-of 2026-08-20T09:34:34.372Z — live snapshot. Live data (source of truth): https://api.spiralstake.xyz/v1/strategies?chainId=1

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