Stablecoin Cross-Border Payments Deliver Negative Spread Against Interbank Rates in Q2, With Median Gap at -3.2 Basis Points

According to Borderless.xyz's Q2 benchmark report released on July 13, stablecoin cross-border payments delivered exchange rates consistently below interbank FX mid-rates throughout the second quarter, achieving a median Parity Gap of -3.2 basis points. The spread widened to -5.9 basis points in June. The average cost of sending a $10,000 cross-border payment remained stable at approximately $27 for five consecutive months.

The report identified payment routing as enterprises' largest cost optimization opportunity as stablecoin fees commoditize. Companies relying on single service providers rather than dynamically selecting best quotes incur an additional cost of approximately $2,330 per $1 million transferred—termed the "Routing Tax." Regional performance showed Latin America and Asia maintaining stable costs, while Africa experienced the most volatility.