Sky confirms it provides USDS liquidity infrastructure for Spark and Uniswap’s stablecoin swap system FX Layer.

Sky (formerly MakerDAO), in collaboration with Spark and Uniswap, released a joint statement noting that roughly $150 million in liquidity migrated from the previously launched stablecoin FX Layer project originates from Sky’s USDS ecosystem. As the network’s initial pricing asset, USDS provides foundational liquidity for the USDS/USDT and USDS/PYUSD pools. The three parties emphasized this marks the first large-scale deployment of the liquidity framework, with a long-term vision to onboard more stablecoin issuers—including PayPal’s expanding PYUSD, Ripple’s RLUSD, and institutions like Robinhood and Revolut that are exploring stablecoin operations—to this shared infrastructure, rather than each building independent liquidity networks. They also aim to explore enabling idle funds to generate returns under the governance framework without participating in market making. Earlier on June 25, Spark and Uniswap jointly announced the launch of FX Layer, a stablecoin exchange system designed to deliver shared liquidity infrastructure for multiple stablecoin issuers such as banks, fintech firms, and payment companies, eliminating redundant construction of liquidity pools, market makers, and inventory management. Spark acts as the orchestration layer, deciding how liquidity is allocated and coordinated across different stablecoins, while Uniswap v4 provides a programmable AMM architecture (a DualPool hook based on the hooks mechanism) to execute specific transaction paths.