Spark Seeds $150M Into Uniswap v4 to Build Shared FX Layer for Stablecoins

Spark and Uniswap have launched a Stablecoin FX Layer, a shared liquidity infrastructure built on Uniswap v4 designed to enable low-slippage swaps between dollar-pegged stablecoins for institutions, banks, fintechs, and payment providers.

The initial deployment seeds approximately $150 million in liquidity across two pools on Ethereum mainnet: USDS/USDT and USDS/PYUSD. Spark, a lending and liquidity protocol within the Sky ecosystem, funded the migration from its stablecoin reserves, calling it “one of the largest AMM liquidity migrations in DeFi.”

The stablecoin market has expanded rapidly, processing more than $28 trillion in economic transaction volume during 2025, according to Chainalysis. But as more entities issue their own tokens, liquidity has become increasingly fragmented, driving higher slippage and inconsistent pricing for large swaps.

Uniswap v4’s hook architecture allows custom logic to be embedded directly into pool behavior. The DualPool hook used by Spark enables programmable liquidity, where capital can be managed according to predefined inventory objectives and risk parameters.

The system is built to support treasury management, cross-border payments, and arbitrage between dollar stablecoins without relying on over-the-counter desks or centralized venues. Settlement runs 24/7 onchain.

Future phases are expected to add more stablecoin issuers, additional trading pairs, and yield-generating functionality tied to short-term interest rates. Risks remain, including contagion exposure if any participating stablecoin loses its peg and regulatory scrutiny of onchain FX-like activity.

Spark described the launch on X as “just the beginning,” with expectations that additional issuers will connect to the shared infrastructure rather than rebuilding liquidity from scratch.

Source: https://news.bitcoin.com/spark-seeds-150m-into-uniswap-v4-to-build-shared-fx-layer-for-stablecoins/