Ripple's stablecoin did $1B of Uniswap volume in under a month, and Ripple didn't fund the pool. Spark brought both sides.
Spark's Stablecoin FX Layer routes new stablecoins through USDS as a shared hub. For RLUSD it put about $25M of RLUSD and $25M of USDS into the Uniswap v4 pair, part of a planned $375M RLUSD deployment. The pair did $600M+ its first week.
Then an onchain breakdown of Sept. 20 to Oct. 19: $453M over just 2,410 transactions, about $188K a swap. Roughly 65.5% traced to yield, lending and exchange wallets, 4% to Spark itself, and 30.5% nobody could label.
The pitch is one hub for hundreds of digital dollars. The traffic so far is mostly yield farmers commuting.
Source: Crypto Briefing