The RLUSD/USDS pool on Uniswap v4 recorded a trading volume of approximately $453 million between September 20 and October 19, 2026. This activity involved 2,410 transactions. Data indicates that 65.5% of the volume originated from yield strategies, lending, or exchange wallets, while Spark's internal liquidity management contributed only about 4%.
Specifically, $167 million of the volume was tied to yield and loan activities, with another $130 million routed through exchange wallets. The remaining 30.5% of the volume remains unclassified. The pool operates within Spark’s Stablecoin FX Layer, which launched on June 25, 2026, and utilizes USDS as a base pair to facilitate stablecoin swaps.
The pool reached $600 million in its first week and exceeded $1 billion in cumulative volume in under a month, with a daily average of $40 million. The broader FX Layer has processed over $12 billion in total volume. As of October 22, 2026, USDS had a total value locked of approximately $1.31 billion, an APY of 2.69%, and a 69.34% utilization rate.
Spark has outlined plans for a $375 million deployment for RLUSD integrations. This initiative includes a partnership with Sentora valued at $250 million.
