Spark transfer permissions and OUSD exposure proposals

What happened

Phoenix Labs proposed Spark controller permissions, OUSD transactions and a slower debt-ceiling adjustment schedule on October 26, 2026.

What changed

Phoenix Labs seeks authority for a second Base transfer controller and OUSD exposure through Bridge and Uniswap. Sky would control new Beacon integrations.

What did not change

Phoenix Labs describes proposed permissions without establishing execution. The proposal preserves the existing Base controller and its CCTP V1 limits.

Confirmed

• Phoenix Labs proposed a Base-to-Ethereum CCTP V2 limit of 5,000,000 USDC, replenishing at 50,000,000 USDC per day, on October 26, 2026.
• Phoenix Labs proposed adding its automation wallet as an actor and Soter Labs multisigs as grantor and revoker on October 26, 2026.
• Phoenix Labs proposed delegating rate-limit adjustments and specified emergency actions to the PAS Configurator on October 26, 2026.
• Phoenix Labs proposed transferring Base Beacon administration from the Spark Executor to the Sky governance relay on October 26, 2026.
• BA Labs supported interim OUSD exposure with a 100% Capital Ratio Requirement and a $20 million maximum on October 26, 2026.
• Phoenix Labs proposed increasing Spark's debt-ceiling adjustment interval from 12 hours to 24 hours on October 26, 2026.

Still open

• SPK holders must complete the polls, which Phoenix Labs scheduled to close on October 29, 2026.
• Phoenix Labs had yet to supply deployed payload addresses in the proposal.
• Sky's remaining OUSD review must address the issuer, reserves, administrator authority and deployed audit coverage.
• Sky governance must authorize and execute the final changes before the proposed permissions become operative.

What it means for an advisor

• Ketju should review the Sky memo's allocator counterparty exposure and the parties authorized to transfer assets or change transfer limits.
• Ketju should examine OUSD's administrator authority and confirm the final combined exposure limit before updating its analysis of USDS backing.
• Advisors should retain the current Sky limits while Ketju reviews the final authorization and execution evidence.