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On June 29, 2026, Credora awarded Spark Savings USDG, known onchain as spUSDG, an A risk rating. The designation signals a low Probability of Significant Loss, or PSL, which Credora calculates at below 0.5% for spUSDG.
What the rating actually measures
Credora’s methodology runs Monte Carlo simulations against on-chain data, stress-testing collateral composition, liquidity depth, and governance structure before assigning a standardized grade.
The A grade puts spUSDG in the same tier as other Spark Savings products Credora has assessed, including PYUSD-backed and USDS-backed vaults, which received similar A and A-minus ratings as of the same date.
Credora’s framework deliberately excludes general market volatility from its PSL calculation. The metric is designed to isolate structural risk, not the noise of price swings.
Credora launched its consensus ratings protocol in February 2025, and the framework gained significantly more infrastructure reach after RedStone acquired Credora in September 2025. That acquisition wired Credora’s ratings directly into both Spark and Morpho platforms.
What spUSDG actually is
Spark Savings USDG is a yield-bearing vault built on the ERC-4626 standard. Users deposit USDG, a stablecoin, and receive spUSDG tokens that accrue yield over time.
Spark Finance operates within the Sky ecosystem and has also deployed on the Robinhood Chain, extending its reach beyond Ethereum mainnet.
Total Value Locked in spUSDG has ranged between $11 million and $25 million during mid-2026.
The rating matters most at the institutional level. Firms allocating stablecoin treasury positions into DeFi require documented, standardized risk assessments before compliance teams will sign off. An A rating from a recognized third-party evaluator gives those teams something concrete to point to.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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