Spark 聯手 Uniswap 推出穩定幣兌換基礎設施「FX Layer」，首波支援 USDS、USDT 與 PYUSD

The DeFi protocol Spark and the leading decentralized exchange Uniswap have announced a collaboration to launch "FX Layer," an infrastructure specifically designed for stablecoin swaps. To establish a liquidity foundation, Spark will migrate $150 million from its USDS ecosystem to Uniswap v4, with initial support for USDS, USDT, and PYUSD. This move aims to provide institutions and issuers with a stablecoin interoperability experience featuring lower fragmentation and minimal slippage.
(Background: Circle explores partnership with Nomura Securities to enable Japanese companies to use stablecoins for cross-border remittances by 2027)
(Background supplement: Fed Governor Waller: Stablecoins create a "new dollar channel"! Tokenized assets will strengthen global liquidity and demand for U.S. Treasuries)

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• Building a Seamless FX Layer to Eliminate Stablecoin Slippage
• $150 Million in Seed Funding, Initial Support for USDS, USDT, and PYUSD
• Eyeing a Quadrillion-Dollar Market Scale, Infrastructure Will Become an Invisible Driver

As the global stablecoin market cap continues to expand and institutional issuers flood in, solving liquidity fragmentation has become a primary challenge in the decentralized finance (DeFi) space. According to a report published by The Block on June 25, 2026, the DeFi protocol Spark has officially announced a strategic partnership with the leading decentralized exchange (DEX) Uniswap to jointly build a next-generation stablecoin liquidity infrastructure called "FX Layer."

Building a Seamless FX Layer to Eliminate Stablecoin Slippage

The core goal of the FX Layer is to establish a powerful and open shared liquidity pool and exchange infrastructure. Through this system, stablecoin issuers, including banks, fintech companies, and payment firms, can directly access a ready-made liquidity network without spending heavily to build their own dedicated liquidity pools, find market makers, or manage complex inventories. This will significantly ensure that investors experience "minimal slippage" when moving funds between different dollar-pegged tokens.

In terms of role division, each party handles its responsibilities: Spark will act as the "orchestration layer" of the system, responsible for managing and determining liquidity allocation and coordination among different stablecoins. Meanwhile, Uniswap will provide its powerful and programmable Uniswap v4 automated market maker (AMM) underlying architecture.

$150 Million in Seed Funding, Initial Support for USDS, USDT, and PYUSD

To substantially launch and energize this new liquidity ecosystem, Spark has announced the migration of up to $150 million in funds from its USDS ecosystem to Uniswap v4, serving as the "liquidity foundation" for the FX Layer's new pools.

The initial stablecoin trading pairs to be supported include:

• USDS: A USD-pegged stablecoin issued by Sky (formerly MakerDAO) and the direct successor to DAI. It is currently the third-largest and largest crypto-native stablecoin globally.
• USDT: A stablecoin issued by market leader Tether.
• PYUSD: A stablecoin launched by traditional payment giant PayPal.

Eyeing a Quadrillion-Dollar Market Scale, Infrastructure Will Become an Invisible Driver

The backdrop for this heavyweight collaboration stems from institutions' keen interest in issuing their own branded stablecoins. Especially after the passage of the U.S. GENIUS Act last year, the stablecoin market has gained a clear regulatory framework. Some research reports even optimistically predict that by 2035, global stablecoin transaction volumes could reach an astonishing $1.5 quadrillion. However, experts warn that if stablecoins issued by various entities cannot achieve smooth inter-conversion or 1:1 redemption, actual large-scale adoption will face significant obstacles.

In response, Spark CEO Sam MacPherson outlined the protocol's long-term vision. He stated: "The market definers of the next generation of stablecoins will no longer be those who can issue another digital dollar, but those who can provide the 'infrastructure' that allows hundreds of issuers to operate on a global scale. In the future, native stablecoins will remain visible, but the liquidity infrastructure will become invisible. That is the future we are building."