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

Finance Uniswap, Spark aim to build stablecoin FX market as banks, fintechs enter the industry The protocols are building shared liquidity and trading infrastructure for a future with hundreds of competing digital currencies on blockchain rails. By Krisztian Sandor | Edited by Sheldon Reback Jun 25, 2026, 1:00 p.m. 2 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Uniswap is working with Spark to build an FX system for stablecoins. (appshunter.io/Unsplash) Summary Show Spark and Uniswap are building a shared liquidity infrastructure for stablecoins. The initiative starts with a $150 million liquidity migration supporting USDS, USDT and PYUSD. The effort comes as banks, fintechs and payment firms increasingly explore issuing stablecoins. Uniswap (UNI) and Spark are betting that as the number of stablecoins grow, the market will need the equivalent of a foreign-exchange network to move liquidity between issuers. Spark, a decentralized-finance (DeFi) protocol focused on stablecoin liquidity, said Thursday it is working with decentralized exchange Uniswap to create what it calls an "FX layer" for stablecoins, a shared liquidity network designed to support a growing number of issuers. The goal is to make it easier to move between stablecoins while allowing idle capital to earn yield until it's needed for trading, the companies said. The move comes as stablecoins move beyond their crypto-native roots and increasingly become part of the cross-border payment network. That's been helped by lawmakers in the U.S. and elsewhere advancing regulatory frameworks encouraging fintechs , payment firms and banks to enter the market. The stablecoin market could grow from the current $300 billion to $4 trillion by 2030, global bank Citi projected . Much as foreign-exchange markets connect fiat currencies, Spark is betting that stablecoins will eventually need a shared infrastructure to move efficiently between issuers. The company sees that liquidity layer — rather than the stablecoins themselves — as the next battleground in the sector's growth. As a first step, Spark plans to migrate $150 million of liquidity to Uniswap v4, bringing together liquidity for Sky's USDS, Tether's USDT and PayPal's PYUSD. That list could grow as more companies want to issue their own stablecoins. "The next generation of stablecoins won't be defined by who can issue another digital dollar," Spark CEO Sam MacPherson said in a statement. "It will be defined by the infrastructure that allows hundreds of issuers to operate together at global scale." DeFi Stablecoins Latest Crypto News 1 Circle and Nomura join forces to target a $440 billion daily foreign exchange market in Japan 31 minutes ago 2 Bitcoin derivatives signal panic. A weak core PCE reading could trigger snapback. 1 hour ago 3 CoinEx denies claims it served as $3.84 billion gateway to sanctioned Iranian crypto firms 2 hours ago 4 Crypto relief rally fails to shake persistent bearish derivatives signal 2 hours ago 5 Bitcoin supply in loss reaches record high 10.83 million BTC 2 hours ago 6 Micron delivers blowout earnings, surges 16% and deals crypto bulls a blow 2 hours ago 7 Forget max pain theory. Bitcoin is well below the $72,000 magnet going into $10 billion options expiry 5 hours ago 8 Live markets: Bitcoin holds above $61,000 as U.S. PCE inflation comes in as expected 6 hours ago 9 MemeCore's M token suddenly crashes 80% with no clear trigger 7 hours ago 10 Ripple's RLUSD stablecoin goes live in Japan after regulatory approval 7 hours ago Latest Research CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. By CoinDesk Research Jun 15, 2026 In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. Why it matters : In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. View Full Report More From Finance Kalshi targets a massive $40 billion valuation, widening lead over rival Polymarket SecondFi loses $2.4 million in Cardano wallet exploit YZi Labs ends proxy war with BNB treasury company CEA Industries