Spark and Uniswap Launch FX Layer, Migrate $150M USDS to Uniswap v4

Spark and Uniswap have launched the FX Layer, a stablecoin liquidity system designed to streamline swaps between dollar-pegged assets. As part of the rollout, Spark is migrating approximately $150 million from its USDS ecosystem into Uniswap v4, establishing initial liquidity pools for USDS, Tether's USDT, and PayPal USD (PYUSD).

The FX Layer combines Spark's liquidity management framework with Uniswap v4's programmable automated market maker architecture, allowing banks, fintech firms, payment companies, and stablecoin issuers to access shared liquidity infrastructure rather than building separate markets. The system is already live on Ethereum, with future upgrades planned to include the DualPool hook for dynamic liquidity allocation across multiple venues.