Over the past week, more than $100M in USDC was exchanged for USDT, PYUSD and RLUSD through Spark's Stablecoin FX Layer. Issuers need liquidity against the stablecoins users already hold. Every direct pair needs its own capital which spreads depth across more pools. Spark connects these markets through USDS pairs on @Uniswap v4. @SkyEcosystem's Peg Stability Module converts USDC into USDS at 1:1, with no swap fee or price impact on that leg. The final swap draws on the same pool liquidity used by USDS holders. In 200+ Ethereum transactions, both steps settled atomically. USDC holders received the destination asset without acquiring USDS in a separate transaction. For issuers, one USDS pair now reaches both USDS and USDC holders. Spark funds both sides of these pairs, so that reach comes without issuer capital.