Spark, Uniswap, and Sky are launching a joint "Stablecoin FX Layer," shared programmable liquidity infrastructure for a multi-issuer stablecoin economy. The first deployment is a migration of roughly $150 million in USDS liquidity into Uniswap v4 pools, which the protocols describe as one of the largest AMM liquidity migrations in DeFi.
The three protocols announced the initiative Thursday in a joint post on Paragraph published by Spark. The migration targets two pools: USDS/USDT and USDS/PYUSD, both on Uniswap v4. Spark acts as the coordination layer, governing allocation frameworks and risk parameters; Sky's USDS, which carries a circulating supply of roughly $10.3 billion, provides the initial liquidity foundation.
Stablecoins processed more than $28 trillion in economic volume in 2025, according to Chainalysis data cited in the Spark post. As the issuer count grows, including PayPal's PYUSD, Ripple's RLUSD, Revolut's planned stablecoin, Deel's DLUSD, Robinhood's reported ambitions, a euro stablecoin project from ING, BBVA, and BNP Paribas, and MUFG, Mizuho, and SMBC in Japan, each new issuer creates an isolated liquidity pool.
Capital is not scarce, the Spark post argues. It is fragmented across isolated pools where it cannot be deployed efficiently. Every issuer bootstraps liquidity independently, multiplying the coordination problem with each new token.
