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Spark shelves consumer app to focus on stablecoin liquidity for firms

Its OTC lending unit reported $260 million outstanding and aims for $1 billion by year end, even as revenue fell from $80 million to $20 million during the bear market.

Reported · Written up by our desk · Market Structure

CoinDesk reports that Spark, affiliated with the DeFi ecosystem Sky (formerly known as MakerDAO), has shelved its consumer app indefinitely and shifted to a B2B2C model that supplies yield to firms such as Robinhood rather than competing directly for users.

The outlet says Spark’s setup is tied to lending and collateral rails used by other platforms, including Robinhood Earn’s $200 million vault, which runs on Morpho with Spark as one of three collateral sources.

CoinDesk also reports that Spark’s revenue fell from $80 million to $20 million in the bear market, while OTC lending became its fastest-growing line, with $260 million outstanding and a target of $1 billion by year end.

On the stablecoin side, Spark is building a stablecoin FX layer on Uniswap to route and concentrate liquidity across fragmented dollar-linked tokens, migrating about $150 million into Uniswap v4 pools pairing USDS against USDT and PYUSD, and routing roughly $1.5 billion in its first 30 days, according to CoinDesk.

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