Spark,
@Uniswap and
@SkyEcosystem have taken the first step toward a Stablecoin FX Layer.
Stablecoin issuance is no longer the hard part. Coordination is. Capital already exists, but it sits across isolated pools, venues and ecosystems where it cannot be used efficiently.
The first deployment migrated +$150M to Uniswap v4 across the USDS/USDT and USDS/PYUSD pools, one of the largest AMM liquidity migrations in DeFi history.
USDS provides the initial quoting foundation, while Spark coordinates allocation through governance defined frameworks.
This is where liquidity stops being a passive asset and starts behaving as coordinated infrastructure.