Uniswap and Spark Launch a Stablecoin FX Layer With $150 Million in Liquidity

Spark and Uniswap launched a shared stablecoin FX layer on Uniswap v4, migrating $150 million in liquidity across Sky's USDS, Tether's USDT, and PayPal's PYUSD to let value move between digital dollars.

Uniswap and Spark Launch a Stablecoin FX Layer With $150 Million in Liquidity Spark and Uniswap launched a shared stablecoin FX layer on Uniswap v4, migrating $150 million in liquidity across Sky's USDS, Tether's USDT, and PayPal's PYUSD to let value move between digital dollars. Aaron Rafferty June 26, 2026 Key Takeaways Spark and Uniswap launched a stablecoin FX layer on June 25, 2026, starting with about $150 million in liquidity on Uniswap v4. The shared liquidity network connects Sky's USDS, Tether's USDT, and PayPal's PYUSD, with USDS as the base asset in both pools. The bet is that a market with hundreds of stablecoins will need foreign-exchange rails to move between them while idle capital earns yield. Spark and Uniswap said on Thursday they are building a shared foreign-exchange layer for stablecoins, starting with about $150 million in liquidity migrated to Uniswap v4 . Spark, a decentralized finance protocol focused on stablecoin liquidity, is working with the exchange Uniswap to create what the two call an FX layer, a shared liquidity network that makes it easier to move between digital dollars. The first deployment pairs Sky's USDS with Tether's USDT and PayPal's PYUSD, with USDS as the base asset in both pools. The design lets idle capital earn yield until it is needed for a trade. Later phases add a Shared Liquidity Layer and a DualPool hook that routes unused capital into governance-approved lending and other yield strategies. The move lands as stablecoins push past their crypto roots and into cross-border payments, with banks, fintechs, and payment firms now entering the market. Lawmakers in the US and abroad have advanced rules that make dollar-backed stablecoins easier to issue, which is part of why the field is cro