Sperax USD (USDs)

Just researched a bit more on the latest ann from @SkyEcosystem x @Uniswap x @sparkdotfi.

They’re taking a swing at the liquidity fragmentation trap that basically every new stablecoin eventually hits.

@sparkdotfi is moving roughly $150M of liquidity into USDS/USDT and USDS/PYUSD pools on @Uniswap v4, with @SkyEcosystem’s USDS as the hub.

And that’s the key point: USDS is being positioned as the common liquidity rail.

The idea is a shared FX layer where stables route through concentrated, coordinated liquidity, rather than living in a bunch of disconnected pools that barely talk to each other.

That’s how you unwind fragmentation.

Because when every newcomer has to spin up liquidity from zero, you get shallow pools, worse execution, and capital smeared across too many venues.

In the end, the stablecoins that matter will be the ones that can tap into the deepest liquidity network – because usability is liquidity.

https://t.co/vwY1ai8VaC

@SkyEcosystem has been the leader in multi-collateral backed stablecoins and makes up 4% of the global stablecoin supply across its 2 tokens: USDS and DAI

From its origin as MakerDAO to its evolution into Sky Protocol, the project has built one of crypto's most sustainable and resilient yield-generating stablecoin businesses

Using Sky as a case study, we can understand how multi-collateral backed stablecoins work, their strengths and tradeoffs, and how they measure up to the majority-fiat backed model (covered in Pt 1). Some highlights 🧵