Photo: Rostislav Uzunov / Pexels
Spark’s RLUSD/USDS pool processes $453M in 30 days
New on-chain breakdown shows most of the volume ties back to yield, lending, and exchange wallets rather than Spark itself
The RLUSD/USDS pool on Uniswap v4 moved approximately $453 million between September 20 and October 19, 2026. That volume came across 2,410 transactions.
About 65.5% of the flow traced back to yield strategies, lending activity, or exchange wallets. Some $167 million of the volume was linked to yield and loan activity. Another $130 million moved through exchange-wallet routes.
Spark’s own liquidity management accounted for only about 4% of the volume. The remaining 30.5% of volume is unclassified.
The pool sits inside Spark’s Stablecoin FX Layer, which launched on June 25, 2026. The setup uses USDS as a base pair on Uniswap v4, so stablecoins can be swapped through a common hub, allowing newer stablecoins like RLUSD to plug into existing liquidity without building isolated pools from scratch.
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The pool topped $600 million in its first week and crossed $1 billion in cumulative volume in less than a month, averaging around $40 million a day. The broader FX Layer has processed more than $12 billion in cumulative volume across all of its transactions.
Spark has a planned $375 million deployment for RLUSD integrations, including a $250 million partnership with Sentora.
USDS had total value locked of approximately $1.31 billion as of October 22, 2026. It carried an APY of 2.69% with a utilization rate of 69.34% on Ethereum.