Spark, the DeFi liquidity division of Sky, just processed $1.5 billion in stablecoin volume through Uniswap v4 over the past 30 days. Of that, $370 million came in the last two days alone, suggesting the pace is accelerating rather than plateauing.
How Spark built the machine
The volume surge traces back to June 25, when Spark launched what it calls a “Stablecoin FX Layer” in collaboration with Uniswap Labs. The centerpiece of that launch was a migration of roughly $150 million in USDS liquidity into Uniswap v4 pools, specifically USDS/USDT and USDS/PYUSD pairs.
That migration ranks as one of the largest AMM stablecoin liquidity deployments in DeFi history.
The underlying system relies on what Spark describes as signed intents and ALM-controlled execution. Instead of passively sitting in a liquidity pool waiting for trades to happen, the system actively manages where capital sits, when it moves, and how trades get filled. Each trade executes atomically within Uniswap v4’s environment, meaning there’s no partial fill risk or settlement delay. The system handles cross-chain rebalancing programmatically, which allows liquidity to flow between different networks and products without manual intervention.
