Sky (formerly MakerDAO), Spark, and Uniswap said about $150 million in liquidity migrated into the previously launched FX Layer stablecoin project came from Sky’s USDS ecosystem. According to Foresight News, the parties said USDS serves as the initial unit-of-account asset within the network and provides base liquidity for the USDS/USDT and USDS/PYUSD pools.
They described this as the first large-scale implementation of the liquidity framework. They said the long-term goal is to allow more issuers—such as PayPal’s expanding PYUSD, Ripple’s RLUSD, and institutions including Robinhood and Revolut that are exploring stablecoin businesses—to connect to shared infrastructure rather than building separate liquidity networks. They also said they are exploring ways for idle funds to generate returns under a governance framework when not used for market making.
Earlier, on June 25, Spark and Uniswap announced the joint launch of the FX Layer stablecoin exchange system. They said it is intended to provide shared liquidity infrastructure for multiple stablecoin issuers, including banks, fintech firms, and payment companies, to avoid duplicating liquidity pools, market makers, and inventory management.
Under the system, Spark acts as an orchestration layer that determines how liquidity is allocated and coordinated across different stablecoins, while Uniswap v4 provides a programmable automated market maker architecture to execute specific trading routes using a hooks-based DualPool hook mechanism.
Sky, Spark, And Uniswap Detail USDS-Sourced Liquidity for FX Layer Stablecoin Pools
2026-06-29 12:35:22
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