Spark DeFi platform secures $1.5B in stablecoin swaps for PayPal, Robinhood

Spark, a DeFi protocol developed by Phoenix Labs, has paused its consumer‑facing app to focus on a B2B/B2B2C model that supplies liquidity and yield infrastructure to large fintech firms. The platform now powers PayPal's PYUSD liquidity and routes deposits from Robinhood's Earn product into its lending vaults.

On Uniswap v4, Spark provides roughly 30% of stablecoin‑to‑stablecoin swap volume, having moved about $150 million into USDS/USDT and PYUSD pools and processing roughly $1.5 billion in transactions during its first month. Its DualPool technology keeps assets earning yield until swaps occur, improving capital efficiency.

Spark’s institutional lending arm holds about $260 million in outstanding Bitcoin‑backed loans, with $400 million originated, and aims to reach $1 billion in outstanding loans by year‑end. The company is seeking credit ratings from agencies such as S&P and Moody’s to bolster credibility with large partners.