Stablecoin Payments Beat Interbank FX Rates in Q2, Parity Gap Hits -5.9bp in June

According to Borderless.xyz's Q2 2026 Benchmark, which tracks 260 payment corridors across 108 countries, stablecoin cross-border payments priced below interbank foreign exchange rates in every month of the second quarter. The benchmark's Parity Gap—measuring the difference between stablecoin delivery pricing and the interbank rate—held a median of negative 3.2 basis points for Q2, deepening to negative 5.9 basis points in June, the lowest level of the year. A negative gap indicates customers received pricing below the interbank midpoint, an unusual outcome in cross-border payments where fees and spreads typically result in worse-than-interbank rates for end users.
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