Spark and Uniswap have launched a new Stablecoin FX Layer, beginning with approximately $150 million in liquidity deployed across two Uniswap v4 pools on Ethereum.

Spark is building stablecoin infrastructure on Uniswap

They just moved $150M in liquidity to the protocol, marking one of the largest migrations in DeFi history

This liquidity will soon move to their new DualPool hook, so they can earn on both active and idle assets pic.twitter.com/2xo4BcPtEm

— Uniswap (@Uniswap) June 25, 2026

The initial deployment pairs Sky’s USDS with Tether’s USDT and PayPal’s PYUSD, with USDS serving as the base asset in both pools.

The initiative is designed to create shared trading infrastructure for stablecoin issuers as the number of digital dollars continues to grow. Rather than requiring each issuer to build separate liquidity pools, hire market makers and manage capital across multiple venues, the FX Layer aims to consolidate liquidity into a common network.

Spark will act as the coordination layer, while Uniswap v4 provides the underlying automated market maker infrastructure.

The current deployment represents the first phase of the project and uses standard Uniswap v4 pools. Spark plans to introduce a Shared Liquidity Layer and a DualPool hook in later phases.

The planned hook would allow capital not immediately needed for swaps to move into governance approved lending products, other liquidity venues and yield strategies. Spark said the system will undergo separate security reviews and testing before deployment.

Spark CEO Sam MacPherson said the next stage of the stablecoin market will be determined less by who can issue another digital dollar and more by the infrastructure connecting issuers at scale.

The project could eventually expand beyond USDS, USDT and PYUSD as Spark works with additional stablecoin issuers and ecosystem partners.