Spark and Uniswap have teamed up to build the "FX Layer," a stablecoin swap system designed to help institutions move between dollar-pegged tokens with minimal slippage.
The FX Layer acts as a shared liquidity and exchange infrastructure on Uniswap v4, enabling multiple stablecoin issuers like banks, fintechs, and payment companies to plug into a common system instead of each building and bootstrapping their own liquidity pools, market makers, and inventory management, according to an announcement on Thursday.
Spark acts as the orchestration layer, deciding how liquidity is allocated, governed, and coordinated across different stablecoins, while Uniswap provides the programmable AMM architecture.
The move comes not only as institutions increasingly explore launching standalone, branded stablecoins, but also as the stablecoin market cap continues to grow, especially following the passage of the GENIUS Act last year. A recent report, looking at Visa and Mastercard’s theoretical stablecoin opportunities, said volumes could hit $1.5 quadrillion by 2035.
However, other experts have pushed back, saying real-world stablecoin deployments may be limited if moving between these different dollar wrappers cannot always be exchanged or redeemed for $1, especially when compared to alternative forms of digital money, like tokenized deposits or central bank digital currencies.
