SparkLend's USDT borrow rate is 3.58% APY. Unlike other lending protocols, Spark itself functions as an on-chain liquidity manager — dynamically rebalancing capital allocation across venues based on market conditions and strategic priorities, which allows it to actively stabilize borrow rates. Rate stability on SparkLend is one of Spark's highest priorities. When liquidity anomalies cause rate volatility, Spark deploys the Spark Liquidity Layer (SLL) to rebalance. Currently, the SLL has allocated $1.12B into SparkLend: - USDS: $459M - USDT: $357M ... Additionally, Spark & Sky have $3.9B in USDC reserves and support 1:1 USDS/USDC swaps — meaning users can also borrow USDS or USDC on SparkLend at comparably stable rates!