Why Spark Wraps Yield Around Every Stablecoin Instead of Fighting Them

Spark Protocol Co-founder Sam MacPherson breaks down the two-layer stablecoin stack: a money layer led by USDT, USDC, and incoming bank and fintech issuers  and a credit layer where USDS and Spark live. Instead of fighting for payments share, Spark wraps yield around every major stablecoin and handles DeFi deployment for Web2 partners who don't want to manage it themselves. His 2030 projection: tens of billions in USDS at the low end, $100B+ at the high end.