Spark deployed approximately $150 million to two Uniswap v4 pools on Ethereum on June 25, seeding the first phase of a Stablecoin FX Layer: shared settlement infrastructure that lets stablecoin issuers plug into a common pool rather than build competing liquidity from scratch.
The two pools pair USDS, Sky's stablecoin (the protocol formerly known as MakerDAO), against Tether (USDT) and PayPal USD (PYUSD), with USDS as the base asset in each. The Block identified USDS as the third-largest stablecoin and the largest crypto-native option.
The market pressure is structural. Citi projects the stablecoin market will reach $4 trillion by 2030, up from $300 billion today, per CoinDesk's reporting. As banks, fintechs, and payment companies enter issuance alongside crypto-native projects, each issuer that bootstraps its own liquidity pool fragments depth and widens slippage for all of them. "The next generation of stablecoins won't be defined by who can issue another digital dollar," Spark CEO Sam MacPherson told CoinDesk. "It will be defined by the infrastructure that allows hundreds of issuers to operate together at global scale."
The $150 million deployment is phase one. A DualPool hook on Uniswap v4 is in development but not yet live; Spark said it will go through a separate security review, testing, and production-readiness process before deployment.
