USDS (USDS)

$3.33B moved through the Stablecoin FX Layer in its first month.

That activity ran across the USDS/USDT and USDS/PYUSD pools Spark migrated liquidity into on @Uniswap v4, which currently hold $150.3M combined.

Recorded pool activity over the window is roughly 22 times that current snapshot.

One month in, the FX Layer has an operating record, not just a projection. For a shared liquidity layer, available depth matters. Whether that depth gets used matters just as much.

Ethena has evolved from basis trade hedge fund that called itself a stablecoin and promised 10% plus yield to something that is way more like a stablecoin invested in short term bills with a lower yield.

Looks far more similar to Sky now with 1:1 conversion to USDC and most of the backing invested in low but very liquid yield.

Both have DeFi centered deployments that stick money on lending protocols. Both do other loan configurations and short term instruments like JAAA and some crypto backed loan books. Both have a major relationship with Coinbase.

Both do some lending to their users which inflates the overall size, but both are already among the largest whales in the DeFi trenches.

USDS plus DAI supply sits over 10 billy and Ethena is comfortably in the top 10 with 4.

We leave you, dear reader, with some unanswered questions.

Why choose one over the other? Is it a feature or a bug that the Sky (fka MakerDAO) governance system is forever getting more complicated and opaque? Does Ethena have an opportu