Spark and Uniswap jointly launch stablecoin swap system "FX Layer"

Spark and Uniswap have jointly launched the stablecoin swap system "FX Layer". According to reports, FX Layer is designed to create a shared pool for issuers to access, enabling institutions to trade between dollar-pegged tokens while minimizing slippage. Spark announced it will migrate $150 million from its USDS ecosystem to Uniswap v4 to establish a "liquidity foundation" for the swap pool supporting USDS, Tether’s USDT, and PayPal’s PYUSD. FX Layer operates as shared liquidity and trading infrastructure on Uniswap v4, allowing multiple stablecoin issuers—including banks, fintech firms, and payment companies—to access a common system, rather than each separately building and launching their own liquidity pools, market makers, and inventory management setups. Spark serves as the orchestration layer, responsible for allocating, managing, and coordinating liquidity across different stablecoins, while Uniswap provides the programmable Automated Market Maker (AMM) architecture.