Spark deployed about $150 million into two Ethereum Uniswap v4 pools, pairing USDS with PYUSD and USDT as the first phase of its Stablecoin FX Layer. The initial rollout uses standard v4 pools, with Spark planning a later Shared Liquidity Layer and DualPool hook after separate security review. The pitch is simple: stablecoin issuers get shared onchain liquidity instead of each rebuilding market makers, inventory, and venues from scratch.

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