We present a description of the equivariant $K$-theory of a smooth projective spherical variety. This provides an integral $K$-theory version of Brion's calculation of equivariant Chow-cohomology of such varieties. We consider the equivariant $K$-theory of wonderful compactifications of minimal rank symmetric varieties. We obtain a formula for their structure constants in terms of certain lower dimensional Schubert classes. This generalizes results of Uma on equivariant compactifications of adjoint groups.
Categories: math.KT