Episode Details

The stablecoin race is heating up as giants like PayPal and Circle launch their own dollar tokens, fragmenting liquidity across networks. Spark, once focused on consumer apps, pivoted to become the behind-the-scenes infrastructure powerhouse—offering lending and liquidity services to platforms like Robinhood, quietly gaining access to massive retail funds without direct user interaction. They’re also targeting institutions with crypto miners needing steady capital, even seeking traditional credit ratings to build trust. While the broader crypto market shrinks, Spark’s OTC lending soars past $260M, aiming for $1B by year-end, betting that as stablecoins splinter, they’ll be the essential connector everyone needs.

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