Sky's USDS stablecoin issuance has officially surpassed $10 billion, and the flywheel effect between Sky and Spark is becoming increasingly evident. USDS, as Spark's reserve asset, directly provides Spark with a massive and abundant ammunition pool. In turn, Spark can absorb more stablecoins like USDT, leading to lower borrowing costs and deeper liquidity. Spark then deploys these funds into other DeFi and CeFi platforms to provide liquidity and earn returns. These returns ultimately feed back into Spark's deposit interest rates, which is why Spark's deposit rates have remained consistently high over time. As shown in the chart below, with the growth of Sky's stablecoin issuance, Spark's deposits have increased by 50% in just three months, yet the interest rates have not been diluted and have consistently stayed above 4%. Although at first glance this process might seem like a left-foot-right-foot death spiral risk, USDS is an over-collateralized stablecoin, unlike algorithmic stablecoins like Luna that can print money at will. Therefore, there’s no risk of unlimited upstream money printing.