@Uniswap's stablecoin liquidity just got even deeper To share more about why this is cool🦄 Spark recently moved $150M into @Uniswap across USDS/USDT, USDS/PYUSD, and more pairs soon Notably, a long-standing feature of Maker/@SkyEcosystem is offering the PSM, which allows USDS/DAI to be converted for USDC at billions in size What did Uniswap do? We built a v4 hook that directly taps into the PSM, at the Uniswap protocol level, not via our API routing on top Why this is cool Spark currently LPs $50M into USDS/USDT - with this hook, the protocol treats USDS and USDC as equivalent. Now this LP position can more easily service trading between USDC-USDT via the multihop, a market that trades hundreds of billions per year. Many routing solutions in the market today do integrate with the PSM, but by Uniswap doing it at the protocol level, multihop trades became more gas efficient, and also now more simple as everything is handled inside one protocol, @Uniswap With the PSM hook, USDS, USDC, and DAI are all treated the same with the protocol, deepening the network effects of stablecoins within Uniswap. This is greatly beneficial to parters like @sparkdotfi who now can expect greater flows for their AMM activity

stablecoin FX layer just got a lot more powerful, with @Uniswap natively routing flow between @sparkdotfi liquidity pools and the @SkyEcosystem PSM users now have seamless access to liquidity between USDS, USDC, USDT, and PYUSD. which stablecoin should join next?

the @SteakhouseFi Box/Turbo vault + @Morpho vault combo is pretty cool morpho vault allocates liquidity, and turbo vault borrows it out to loop when the financials make sense add in @sparkdotfi savings as collateral for atomic/no-fee loop+unloop and its a powerful yield engine

still early days, but this is why Spark Savings is lapping the next 2 largest yield bearing tokens on @RobinhoodApp combined atomic looping with no slippage, users can full-send a 1mm clip while other issuers dont even have that amount of liquidity available on the chain

this day 1 integration with @RobinhoodApp chain is an awesome demonstration of Spark Saving's unique value prop yield is generated via Spark's conservative allocation strategy, with mint/redeem friction handled on the backend allowing users to loop/unloop atomically with no fees

with Spark and usds on uniswap, stablecoin issuers can have deep liquidity that is 1-hop away from a growing network of assets including usdc, usdt, and pyusd just like ethereum is neutral settlement infra for transactions, Spark brings neutral shared liquidity for stablecoins

Don't miss it: Tune in and listen to @MonetSupply (Head of Strategy) on how Spark approaches risk, and planning for the known and the unknown. Happening tomorrow. June 23, 2026, 11 AM – 12 PM UTC | 7 – 8 PM GMT+8 👇

Institutional capital held in custody can now now access on-chain credit markets through structured allocation via Spark. Through BitGo, capital can be deployed into Spark Savings vaults, where it is allocated across multiple credit venues within a single, structured system. Most on-chain lending requires selecting a single market or pool. Spark takes a different approach: Capital is deployed across venues based on predefined liquidity, exposure, and allocation parameters, rather than remaining fixed within one market. Reducing exposure to high-utilisation conditions where liquidity becomes constrained. This is a new path for institutional capital into on-chain credit markets. Spark is now available via @BitGo institutional wallets.

with stablecoin markets beginning to become illiquid, the situation is now entering a more dangerous stage imo to break down the driving factors: the ETH market is ~16.5% backed by rsETH, and rsETH backed loans could see up to 10-15% haircut in emode if losses are socialized equally on mainnet & external chains, leaving 2-3% residual haircut for ETH suppliers after wiping out umbrella ETH suppliers are naturally incentivized to get out ASAP to avoid this, so utilization is pinned at 100%, and borrow rates are not high enough to incentivized repayment of unrelated LST loops (wstETH, weETH) to free up liquidity because it is impossible to withdraw ETH, users borrowing stables like USDT against ETH collateral cant unwind their position even when the rates for stablecoin borrowing start to spike, which severs the typical incentives scheme keeping these markets healthy now we have 2 unhealthy incentives based on the markets becoming locked at 100% utilization 1) ETH holders cannot unwind their positions to maintain healthy LTVs, and liquidators cant withdraw/sell collateral to close positions atomically, meaning that ETHUSD price drop could potentially cause bad debt 2) users supplying USDT have a perverse incentive to max-borrow other stablecoins as a way of exiting, the position has positive carry (for now) so the optionality has low cost, while if conditions worsen they can get at least 75% of their position value out of the market bottom line is, for these pooled/rehypothecated lending markets to function properly, liquidity must be preserved AT ALL COSTS. recent slope2 changes nerfing Aave's max borrow rates are having a negative effect and significantly increasing the risk of cascading market failure