SP Lending

Borrow and Lend with Your SP

SP Lending connects SP holdings to DeFi lending markets powered by Morpho Blue. Four user journeys cover the most common use cases.

Lend SP to Earn Interest

Supply SP to a lending pool. Borrowers pay interest, and lenders earn on their SP position. Withdraw at any time with accumulated interest.

Borrow USDC Against SP

Deposit SP as collateral and borrow USDC. Use the USDC for purchases, other DeFi activity, or fiat off-ramps. No taxable sale of your SP. Repay the loan to unlock your collateral.

Borrow SP Against Crypto

Deposit ETH, WBTC, or other supported crypto as collateral and borrow SP. Protocols use this to acquire SP for reward distribution without selling treasury assets.

Reward-Subsidized Paydown

The most powerful flow. A user borrows USDC against SP, spends it at a merchant, and earns pSP rewards from the campaign. Those rewards settle to SP and pay down the loan balance. A 10% merchant reward on an $80 borrow covers over 2 years of interest at 5% APY.

Available Markets

Market	Collateral	Loan	Status
SP to USDC	SP	USDC	Live (Base Sepolia)
USDC to SP	USDC	SP	Live (Base Sepolia)
ETH to SP	WETH	SP	Planned
BTC to SP	WBTC	SP	Planned

Why SP Lending?

• Tax-advantaged spending. Borrow against holdings instead of selling. No taxable event.

• Reward-subsidized loans. Merchant cashback offsets borrowing costs, approaching 0% effective APR in active spending scenarios.

• Protocol treasury utility. Borrow SP for reward distribution without selling native tokens.

• Earn on idle SP. Earn interest from borrowers without leaving the Spree ecosystem.

For technical integration details and contract addresses, see the Developer Guides.