Spark Moves $150 Million in Stablecoins to Uniswap to Advance Shared Liquidity

Stablecoin issuers typically must build their own trading pools and manage market-making and inventory, fragmenting capital. DeFi protocol Spark has partnered with Uniswap Labs to develop the “FX Layer,” which uses shared liquidity on Uniswap v4 to connect different U.S. dollar stablecoins. As banks, fintech companies and payment providers enter the market, the infrastructure will be critical to swap depth, slippage and capital efficiency.

On June 25, 2026, Spark said it had deployed about $150 million across two Uniswap v4 pools on Ethereum: Sky’s USDS/PayPal USD (PYUSD) and USDS/Tether (USDT), both using USDS as the base asset. The next phase will move the funds to a DualPool hook that is still being audited, allowing idle capital to remain in yield-generating vaults and enter the pools only when needed for trades.