Stablecoin Cross-Border Payment Costs Lower than Interbank Exchange Rates, Routing Choices Become the Biggest Cost Variable

According to the Borderless Q2 2026 Stablecoin Payment Benchmark Report, the prices for stablecoin cross-border payments were below interbank foreign exchange rates for three consecutive months in the second quarter, indicating that on-chain USD settlement costs are close to or even better than those of the traditional financial system. The report is based on data analysis from 108 countries and 260 payment channels, showing that the median "Parity Gap" for stablecoin payments in Q2 was negative 3.2 basis points, with the figure reaching negative 5.9 bps in June, meaning that the overall price for stablecoin cross-border delivery was lower than the interbank market midpoint. Borderless noted that achieving a final delivery price below interbank rates is relatively rare, and this data reflects the actual payment costs incurred by customers, including fees. The report pointed out that the "transfer costs" of stablecoin payments are becoming commoditized, with the average cost of transferring $10,000 through mainstream channels in Q2 being approximately $27, maintaining this level for five consecutive months. As competition among service providers intensifies, market prices are gradually stabilizing. The choice of service provider has become the new core cost factor, which Borderless refers to as "routing tax": companies that rely on a single payment service provider over the long term may incur costs higher than the market's best quotes. Data shows that for every $1 million in funds circulated, choosing a single supplier could result in an additional payment of about $2,330 compared to the optimal path.

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