Sky confirmed as the liquidity base for USDS in the Spark and Uniswap stablecoin swap system FX Layer

Foresight News reports that Sky (formerly MakerDAO), together with Spark and Uniswap, issued a statement saying that approximately $150 million in liquidity migrated in the previously launched FX Layer stablecoin project originated from Sky's USDS ecosystem. USDS serves as the initial pricing asset within the network, providing foundational liquidity for the USDS/USDT and USDS/PYUSD liquidity pools. The three parties indicated that this is the first large-scale implementation of this liquidity framework, with the long-term vision being to enable more issuers—such as PayPal's continually expanding PYUSD, Ripple's RLUSD, as well as institutions like Robinhood and Revolut that are exploring stablecoin business—to access this shared infrastructure rather than independently building their own liquidity networks. Additionally, they are exploring ways for idle funds to generate returns within a governance framework even when not participating in market making.

Previously, on June 25, Spark and Uniswap announced the joint launch of the FX Layer stablecoin swap system, aiming to provide shared liquidity infrastructure for banks, fintech companies, payment companies, and various other stablecoin issuers. This will prevent redundant construction of liquidity pools, market makers, and inventory management by each issuer; Spark, as the orchestration layer, determines how liquidity is allocated and coordinated among different stablecoins, while Uniswap v4 offers a programmable AMM architecture (DualPool hook based on the hooks mechanism) to execute specific trade routes.