DeFi protocol Spark has announced a strategic partnership with decentralized exchange leader Uniswap to build a new stablecoin liquidity infrastructure called FX Layer. Spark will migrate $150 million from its USDS ecosystem to Uniswap v4 as the liquidity foundation. The first phase supports three stablecoin pairs: USDS, USDT, and PYUSD.
How FX Layer Works: Spark Orchestrates Liquidity, Uniswap v4 Provides AMM Backend
FX Layer aims to create an open shared liquidity pool and exchange infrastructure. Stablecoin issuers—including banks, fintechs, and payment firms—can plug into the existing liquidity network without building their own pools or hiring market makers. Spark acts as the “orchestration layer,” managing liquidity allocation among stablecoins; Uniswap provides the programmable Uniswap v4 automated market maker (AMM) backbone. The system promises minimal slippage for users moving funds between dollar-pegged tokens.
$150M Seed Liquidity, Three Stablecoins Supported First
Spark will deploy $150 million from its USDS ecosystem into Uniswap v4 pools to launch the FX Layer. Initial supported stablecoins: USDS (issued by Sky, successor to DAI), USDT (Tether), and PYUSD (PayPal). This liquidity injection is expected to significantly improve swap efficiency and depth among the three tokens.
Why Now: Regulatory Clarity and Institutional Interest
The collaboration comes amid surging institutional interest in branded stablecoins. The U.S.’s GENIUS Act provided a clear regulatory framework last year. Some projections estimate global stablecoin transaction volume could reach 1.5 quadrillion dollars by 2035. However, without seamless interoperability and 1:1 redeemability, mass adoption will stall. Spark CEO Sam MacPherson stated: “The next stablecoin market won’t be defined by who issues another digital dollar, but by who builds the infrastructure that allows hundreds of issuers to operate at global scale. The native stablecoins will remain visible, but the liquidity infrastructure will become invisible. That’s the future we are building.”