$3.33B moved through the Stablecoin FX Layer in its first month.
That activity ran across the USDS/USDT and USDS/PYUSD pools Spark migrated liquidity into on
@Uniswap v4, which currently hold $150.3M combined.
Recorded pool activity over the window was roughly 22 times that current snapshot.
One month in, the FX Layer has an operating record, not just a projection. For a shared liquidity layer, available depth matters. Whether that depth gets used matters just as much.