Lama

Q3 Global Community Call: Strategic Address [Part 1 of 3] Spark recently held its Q3 Global Community Call, covering financial results, key metrics, strategic priorities, and SPK updates. In this first clip, Sam (CEO & Co-Founder) delivers a strategic address and an update on the business. ~5 min watch👇

USDS borrowing on SparkLend has crossed $1B. The balance has reached an all-time high in daily snapshots, at 5x its $200M level a year ago. USDS now accounts for ~40% of SparkLend's total borrowing. Over $800M of USDS borrowing is backed by ETH collateral and ~$120M by cbBTC, allowing borrowers to access stablecoin liquidity while retaining ETH and BTC exposure. Spark adjusts liquidity supply to accommodate large loans. It connects @SkyEcosystem's USDS liquidity to SparkLend. As demand for borrowing against collateral grows, the Spark Liquidity Layer can supply additional funding. Borrow USDS here: app.spark.finance/borrow

SparkLend (@sparkfinance) grew 47%, Morpho Blue 29%, and Aave V3 Core 4.5% in three months on Ethereum. I traced major borrowers to understand why: moving loans between platforms, borrowing to invest, and paying down USDe loans. Here’s what I found.

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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.

Update: The Stablecoin FX Layer has recorded over $1B in RLUSD/USDS pool activity less than a month after the pair launched on @Uniswap v4. RLUSD/USDS pool averaged approximately $40M in daily trading volume over that period. Together with @SentoraHQ, Spark connects RLUSD to the FX Layer's shared liquidity network, enabling capital to remain productive between swaps.

Update: PYUSD/USDS pool activity on The Spark Stablecoin FX Layer has surpassed $4B! The pool runs on @Uniswap v4 deploying liquidity on demand at scale. Spark coordinates that depth through the FX Layer's shared liquidity network, keeping capital productive between swaps.

RLUSD Expands Liquidity and Distribution Through the Spark Stablecoin FX Layer @Ripple’s RLUSD joins Sparks Stablecoin FX Layer: the liquidity network that has processed more than $10B in cumulative volume since launching on 25th June 2026. Joining Paypal’s PYUSD and Tethers USDT, RLUSD expands the Stablecoin FX layer on @Uniswap V4, with RLUSD/USDS processing more than $600M in its first week, and Spark supported USDS pairs accounting for over 50% of Ethereum stable-to-stable volume on Uniswap during August. Together with @SentoraHQ, RLUSD expands the FX Layer’s shared liquidity network, connecting stablecoins through USDS while enabling liquidity to remain productive when not required for swaps. More stablecoins. Deeper shared liquidity. More efficient capital. Explore the Spark Stablecoin FX Layer: paragraph.com/@spark-11/spar… (published June 25, 2026)

Update: Spark's Stablecoin FX Layer has recorded over $8B in pool activity since launch. Pool activity reached ~$4.7B in the second month after launch, following $3.33B in the first month. The FX Layer currently runs across a number of @Uniswap v4 pools ➡️ USDS/USDT and PYUSD/USDS with more to come. The FX Layer will be expanding. 🦄 x ⚡️

$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.

The next milestone for the Stablecoin FX Layer When we launched the FX Layer on Uniswap v4, the objective wasn't simply to deploy liquidity. It was to rethink how stablecoin liquidity is coordinated. The initial deployment brought $150M to Uniswap v4 and processed $70M+ in volume within its first three days. Today's integration of @Skyecosystem's LitePSM into @Uniswap's routing infrastructure is another important step towards that vision. Why? Because the Stablecoin FX Layer is designed to unlock a different liquidity model: - Reduce the need for every new stablecoin issuer to bootstrap liquidity from scratch. - Coordinate liquidity across multiple stablecoin pairs. - Put idle capital to work whilst maintaining instant liquidity. - Improve execution through deeper, connected routing. With LitePSM, USDS has direct 1:1 convertibility with USDC, allowing Uniswap's router to access one of the deepest sources of stablecoin liquidity when determining the best execution path. The result is: - Traders: access deeper liquidity and lower slippage - Stablecoin issuers: connect to a shared liquidity instead of bootstrapping it from scratch. - Builders: Build apps on shared liquidity infrastructure, not fragmented pools. Today's integration is the next milestone. The Stablecoin FX Layer wasn't a one-off launch. It's an evolving liquidity architecture, and every new integration strengthens the network.

Introducing the Stablecoin FX Layer. Every bank, fintech and payment provider is launching stablecoins. But every new stablecoin fragments liquidity. Today, Spark introduces the Stablecoin FX Layer, built on @Uniswap v4, a shared liquidity infrastructure that allows stablecoins to access shared liquidity instead of building isolated pools. The initial deployment brings approximately $150M of liquidity to Uniswap v4 across the first USDS/PYUSD and USDS/USDT pools. This is just the beginning. Learn more: paragraph.com/@spark-11/spar…

Spark's Stablecoin FX Layer has passed $20B in pool activity. Pool activity has averaged more than $150M per day since launch, with monthly activity averaging around ~$5B the past two full months. The FX Layer connects PYUSD, RLUSD and USDT through USDS on @Uniswap v4. @SkyEcosystem's PSM extends that shared liquidity network to USDC.