Spark Records More Than $14 Billion in Stablecoin Swaps in First Month

Spark’s stablecoin swap service recorded more than $14 billion in volume during its first month, while the DeFi protocol’s net returns exceeded $4 million in the third quarter as returns tied to Spark Savings USDT growth moved above funding costs.

Spark launched the swap layer with Uniswap and Sky with $150 million in USDS liquidity. The service is designed for banks, fintech companies and payment firms.

The third-quarter returns followed a difficult first half for DeFi lending. Lending profitability was negative in the second quarter before returns tied to growth in Spark Savings USDT rose above funding costs in the third quarter.