John Gillen speaks with Spark co-founder and CEO Sam MacPherson about why stablecoins—not payments alone—could become the foundation for bringing traditional finance on-chain. MacPherson argues that regulatory clarity, lower transaction friction and growing institutional demand could expand the market from roughly $300 billion to around $3 trillion by 2030.
The discussion explains Spark’s role as a credit and liquidity layer within the Sky ecosystem, including savings products, crypto-backed lending and stablecoin market-making. MacPherson says institutions value immediate access to on-chain liquidity, while cheaper borrowing could help drive adoption of tokenized equities, Treasuries and other real-world assets.
MacPherson also details Spark’s conservative approach to collateral, rate limits and redundant oracles as AI raises the stakes for DeFi security. He expects banks and fintech companies to build their own distribution channels while liquidity increasingly consolidates on neutral public infrastructure, with Ethereum currently leading real-world asset activity.
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