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 market on Uniswap v4, while Spark is also extending its use to lending and capital allocation.

Spark said it was targeting $250 million for an RLUSD vault on Morpho jointly curated with institutional DeFi platform Sentora. The company also described a $50 million Uniswap liquidity pool comprising approximately $25 million in RLUSD and $25 million in USDS. Separately, it said $100 million had been deployed to support RLUSD lending through SparkLend. The amounts cover different activities and include both a target and capital described as already deployed.

According to Spark, the RLUSD/USDS market processed more than $600 million in trading volume during its first week. The FX Layer also connects USDT and PYUSD through markets paired with USDS. USDC can reach the same network through a facility that converts it into USDS at a one-to-one rate without a swap fee, Spark said. Using a common base could reduce the need to fund a separate market between every pair of stablecoins.

“The friction in moving between stablecoins is one of the most important unsolved problems in decentralized finance,” said Sentora chief executive Anthony Demartino. Spark’s reported volume shows trading activity, while the liquidity available for large transactions and the cost of executing them will provide further measures of how the system performs as more assets join.