Spark and Uniswap will jointly build FX Layer, a stablecoin swap system that allows institutions to move between dollar-pegged tokens with minimal slippage.

According to a recent report by The Block, FX Layer positions itself as shared liquidity and trading infrastructure based on Uniswap v4. It supports stablecoin issuers such as banks, fintechs and payments companies by allowing them to connect to a single common system instead of building separate liquidity pools, market makers and inventory management systems.

Spark will serve as an orchestration layer, handling liquidity allocation and management between stablecoins. Uniswap will provide a programmable automated market maker (AMM) architecture.

Along with the announcement, Spark will move $150 million from the USDS ecosystem to Uniswap v4 to establish a liquidity base for a swap pool supporting USDS, Tether's USDT and PayPal's PYUSD. USDS is a dollar-pegged stablecoin issued by Sky, formerly MakerDAO, and is a successor version to DAI. It is the third-largest stablecoin after Tether and Circle.

Spark CEO Sam MacPherson (샘 맥퍼슨) said, "The next generation of stablecoins will be defined not by who issues another digital dollar, but by the infrastructure that hundreds of issuers can operate together at global scale."