Uniswap, Spark to build stablecoin FX market as banks, fintechs enter industry

Uniswap (UNI) and Spark are working to create an “FX layer” for stablecoins, aiming to build shared liquidity and trading infrastructure as more issuers enter the market, according to CoinDesk. Spark plans to migrate $150 million of liquidity to Uniswap v4, pooling liquidity for Sky’s USDS, Tether’s USDT and PayPal’s PYUSD, with more stablecoins potentially added. Spark CEO Sam MacPherson said the focus will shift to infrastructure that lets hundreds of issuers operate at global scale.