Spark and Uniswap have launched FX Layer, a new stablecoin swap system built on Uniswap v4. The setup is designed to make it easier to move between dollar-pegged tokens with lower slippage and shared liquidity infrastructure.

As part of the rollout, Spark is migrating $150 million from its USDS ecosystem to seed the system. The initial liquidity pool supports USDS, USDT, and PYUSD, creating a base for stablecoin swaps within a single framework rather than fragmented pools across issuers.

The idea is to give banks, fintechs, and payment companies a shared onchain FX layer for stablecoins, with Spark handling liquidity coordination and Uniswap providing the AMM structure.