Spark’s Stablecoin FX Layer Records $12 Billion in Trading as RLUSD Joins
Spark said in Singapore on September 23, 2026, that its Stablecoin FX Layer had processed more than $12 billion in cumulative trading volume less than three months after launch. The system uses USDS as a common liquidity base for trading between stablecoins. RLUSD has joined through an RLUSD/USDS ma
On September 23, 2026, Spark announced that its Stablecoin FX Layer had processed over $12 billion in cumulative trading volume just three months after its launch. The system utilizes USDS as a common liquidity base, enabling trading between different stablecoins. RLUSD entered the mix through an RLUSD/USDS market on Uniswap v4, and Spark plans to expand its use to lending and capital allocation.
The company aims to create a $250 million RLUSD vault on Morpho in collaboration with institutional DeFi platform Sentora. Additionally, Spark has established a $50 million Uniswap liquidity pool consisting of roughly $25 million in RLUSD and $25 million in USDS. They have also allocated $100 million to support RLUSD lending through SparkLend.
During its first week, the RLUSD/USDS market witnessed trading volumes exceeding $600 million. The FX Layer facilitates the connection of USDT and PYUSD to the network via USDS-based markets. Interestingly, USDC can seamlessly join the network by converting into USDS at a 1:1 ratio without incurring any swap fees, according to Spark.
By establishing a common liquidity base, the system aims to minimize the need for separate markets between each pair of stablecoins. Anthony Demartino, CEO of Sentora, highlighted that the friction in transitioning between stablecoins is a significant challenge in decentralized finance, and Spark's reported volume indicates the potential impact of this solution.
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