Phoenix Labs CEO Sam MacPherson says the move validates Spark's infrastructure strategy as stablecoin issuers multiply and liquidity spreads across more tokens and networks.
Spark has shelved its consumer app indefinitely and shifted to a B2B2C strategy, supplying yield and liquidity infrastructure to platforms such as Robinhood instead of competing for end users directly. Phoenix Labs CEO Sam MacPherson argues the pivot is suited to a stablecoin market that is becoming more fragmented as fintechs, exchanges and banking groups launch their own dollar-linked tokens and try to keep activity within their own ecosystems. Spark, an affiliated lending and liquidity unit of Sky, is positioning itself as a neutral layer that connects those networks by helping institutions move between stablecoins and access yield-bearing liquidity. The strategy is showing early traction through Robinhood Earn, where a Morpho onchain vault curated by Steakhouse Financial has attracted more than $200 million in 24 days and allocates funds across markets including Spark's spUSDG. Spark says its Uniswap v4 hook called DualPool has also routed roughly $1.5 billion in its first 30 days while accounting for about 30% of stablecoin-to-stablecoin swap volume on Uniswap. MacPherson says payments could accelerate the opportunity, projecting onchain payments to reach $3 trillion by 2030 as the GENIUS Act and potentially the Clarity Act advance.