BlockBeats News, June 29th, Sky (formerly MakerDAO) together with Spark and Uniswap published an article stating that approximately $150 million in liquidity migrated to the stablecoin FX Layer project launched earlier came from the USDS ecosystem under Sky. USDS, as the initial reference asset in the network, provided foundational liquidity for the USDS/USDT and USDS/PYUSD pools. The three parties stated that this is the first large-scale implementation of this liquidity framework, with the long-term vision of allowing more issuers (such as PayPal's expanding PYUSD, Ripple's RLUSD, and institutions like Robinhood and Revolut that are exploring stablecoin businesses) to access this shared infrastructure instead of independently building liquidity networks. They are also exploring ways to allow idle funds to generate yield within the governance framework without participating in liquidity provision.

On June 25th, Spark and Uniswap had previously announced the joint launch of the stablecoin exchange system FX Layer, aimed at providing a shared liquidity infrastructure for multiple stablecoin issuers such as banks, fintech companies, and payment companies to avoid redundant construction of liquidity pools, market makers, and inventory management. Spark, as the orchestration layer, determines how liquidity is allocated and coordinated among different stablecoins, while Uniswap v4 provides a programmable AMM architecture (including the DualPool hook based on a hooks mechanism) to execute specific transaction paths.