Another great breakdown from independent contributor @WalleDAO on what RLUSD/USDS activity looked like onchain. $453M through the pool in 30 days. 65% of that volume connected to yield, loans, or exchange wallets. One USDS pool gives RLUSD a route into the rest of DeFi.

Another $100M milestone is coming for Spark Savings. Deposits into the USDC vault on @okx's X Layer are approaching $100M, up from $3.5M just one week ago. OKX users can access Spark Savings USDC through On-chain Earn in the app. OKX handles the onchain interaction on @XLayerOfficial, with no wallet setup, bridging or separate DeFi steps required from users. Put your USDC to work on OKX: okx.com/ul/8s942P

Spark supplies nearly a quarter of the USDC in a @Morpho cbBTC/USDC market on @base. The market currently has $1.8B USDC in total supply, with Spark providing more than $400M USDC. Borrowers post cbBTC as collateral to access USDC financing while retaining BTC exposure. The Spark Liquidity Layer provides this capital through the Spark USDC vault, which Spark curates. Borrower interest is reflected in the value of the vault shares the SLL holds. Spark can adjust this allocation as borrowing conditions change. Governance sets how much capital can move within a given period, while the vault's supply cap limits allocations to this market.

Total ETH borrowing on SparkLend exceeds 500K ETH, up 12% over the past 30 days. Most of the collateral backing this borrowing is wstETH. Borrowers using wstETH as collateral can enable ETH E-Mode when borrowing ETH. This allows a higher LTV ratio than standard mode, so they can borrow more ETH against the same collateral. The higher limit reflects the close price correlation between wstETH and ETH. Borrowers can use the ETH in staking or other positions. SparkLend borrows have no fixed repayment date, so a position can stay open as long as it remains sufficiently collateralized. Easy borrow markets here 👇 app.spark.finance/markets

Over the past week, more than $100M in USDC was exchanged for USDT, PYUSD and RLUSD through Spark's Stablecoin FX Layer. Issuers need liquidity against the stablecoins users already hold. Every direct pair needs its own capital which spreads depth across more pools. Spark connects these markets through USDS pairs on @Uniswap v4. @SkyEcosystem's Peg Stability Module converts USDC into USDS at 1:1, with no swap fee or price impact on that leg. The final swap draws on the same pool liquidity used by USDS holders. In 200+ Ethereum transactions, both steps settled atomically. USDC holders received the destination asset without acquiring USDS in a separate transaction. For issuers, one USDS pair now reaches both USDS and USDC holders. Spark funds both sides of these pairs, so that reach comes without issuer capital.

Your stablecoins shouldn't sit idle. Spark Savings is now live in @OneKeyHQ, giving users direct access to yield on USDT and USDC, without leaving the wallet. $90K in incentives are live to kick things off. Spark continues to expand access to Spark Savings, bringing it directly to more platforms where users already hold their assets. Put your stables to work.

BTC collateral now accounts for more than 10% of assets supplied on SparkLend. The value of Bitcoin assets supplied to SparkLend grew 24% over 30 days, from $700M to $865M. Borrowers access liquidity without selling their BTC, which now backs more than $350M in SparkLend borrows. Put your BTC to work on SparkLend 👇 app.spark.finance/markets

Reminder: Savings USDT rate of 3.75%. The numbers below tell the story.

Final thoughts from the last segment of the @Anchorage Digital Vibestream Podcast: Sam covers where crypto is at, why finance is moving on-chain, and Spark's specific role. - Where has crypto found product market fit? Two places: store of value (Bitcoin, ETH and other assets) and stablecoin utility. - Why is finance coming on-chain? Stablecoin demand. Liquidity is pooling in stablecoins, driven largely by payments and settlements. Liquidity is king, and every other layer will be built around it or chasing it. - And Spark's role? "Spark will be the backend highly optimized financial infrastructure, focused on building the best tokenized products, within yield strategies."

Where is DeFi heading? Traditional finance and on-chain capital are converging. In clip 2 of 3 from the @Anchorage Digital Vibestream podcast, Sam explains what that convergence looks like and Spark’s role in it: combining capital allocation infrastructure with the allocation intelligence to deploy liquidity across on-chain markets. Institutions are now allocating billions on-chain, and Spark sits at the centre of that flow, deploying capital across DeFi at scale. From powering the yield behind @RobinhoodApp's USDG savings product to institutional lending through Anchorage Digital, it’s already happening. Watch clip 2 of 3 below.

Spark Savings is expanding to new distribution channels. The new Ditto MUSD Savings Vault on @MezoNetwork allocates into Spark Savings, giving Mezo users access to Spark-powered savings directly from the Mezo ecosystem. Built by @Ditto_Network, powered by Spark Savings.

Catch Sam now live with @Anchorage discussing what DeFi needs for institutional adoption, integration and scale.

Holding USDS in Binance Keyless Wallet now earns automatically, no staking required. We power the USDS side of this with deep liquidity, no idle capital. That's not just saving. That's saving with intelligence.

Great to see risk assessment agencies mapped out like this. Know your risk, and know who rates it. That's exactly the kind of transparency Spark wants evaluating DeFi credit.

Launching a stablecoin is the start of the journey, not the end. The bigger question is what happens after issuance? @Paxos provides trusted, regulated stablecoin issuance. Spark builds financial utility through Allocation Intelligence, coordinating capital across lending, savings, liquidity and institutional credit. That's how digital dollars become productive, not just transferable. PayPal's PYUSD and @RobinhoodApp's USDG ecosystem show how this model can work in practice. Explore why launching a stablecoin is only the beginning: paragraph.com/@spark-11/why-…