Excited to announce the launch of the Stablecoin FX Layer, built on Spark's coordination framework and Uniswap v4. We are entering a world where every exchange, fintech, and bank is launching their own stablecoin. These “everything apps” (EAs) will compete to move users into their own ecosystems. We will see stablecoin adoption increase by an order of magnitude as payments come on-chain. This new adoption will be fragmented across the various EAs, straining the current market-making environment. Built on Uniswap v4, Spark is uniquely positioned to bootstrap the on-chain FX layer for EAs to swap excess inventory into their own stablecoin. Access to the liquidity of the largest on-chain stablecoin, USDS, provides a fundamental advantage that enables the economics to work at scale. Since USDS is backed by other fiat-backed stablecoins rather than off-chain deposits, the opportunity cost of holding stablecoin inventory is effectively zero as it is required to maintain the peg. Combine this with Spark's automated allocation system, and you have economies of scale as trillions of dollars come on-chain. In this initial phase, Spark has deployed over 150m PYUSD and USDT paired with USDS. Since USDS is 1:1 swappable with USDC, this enables large-scale on-chain swaps between USDT, USDC, and PYUSD – a first-of-its-kind outside of centralized exchanges and OTC swaps. Today, most of the volume is between USDT and USDC, but I expect this to change as more EAs come online. Stablecoins are a highly competitive space, and Spark is ready to activate programmable liquidity as the next 1 billion come on-chain.(Sam MacPherson)