Borderless.xyz’s 2026 Q2 benchmark report, cited by The Block, said stablecoin-based cross-border payment delivery quotes came in below interbank foreign-exchange mid-rates in each month of the second quarter. The dataset covered 108 countries and 260 payment corridors. Across that sample, the median “parity spread” for the quarter was -3.2 basis points, with the figure widening to -5.9 basis points in June, the deepest negative reading of the year.
The report also said the delivery cost for a typical $10,000 cross-border payment was about $27 in the second quarter, a level that stayed roughly unchanged for five straight months. Borderless added that companies relying on only one provider over time would, on average, pay about $2,330 more per $1 million of payment volume than the best available quote, a cost it described as a “routing tax.”
By region, Africa showed the biggest swings, with median spreads widening by 166 basis points to 512.8 basis points. Latin America narrowed to 89.0 basis points, while Asia was broadly flat at 6.1 basis points. In one corridor example, Malawi saw a one-day repricing of 5.8% on April 9, with the typical spread jumping from about 296 basis points to 1,975 basis points.
Borderless.xyz said in its 2026 Q2 benchmark report, cited by The Block, that delivery quotes for stablecoin cross-border payments were below interbank foreign-exchange mid-rates in every month of the second quarter.
The report covered 108 countries and 260 payment corridors. It put the quarter’s median “parity spread” at -3.2 basis points, with the reading moving to -5.9 basis points in June, the deepest negative level this year.
Typical $10,000 transfer cost held near $27
Borderless also said the delivery cost for a typical $10,000 cross-border payment was about $27 in the second quarter. That level stayed roughly the same for five consecutive months.
The report said companies that connect to only one provider over the long term would pay about $2,330 more per $1 million in payment volume versus the best available quote, a cost it referred to as a “routing tax.”
Africa saw the largest swings
By region, Africa recorded the most visible volatility, with median spreads widening by 166 basis points to 512.8 basis points. Latin America narrowed to 89.0 basis points, while Asia was broadly unchanged at 6.1 basis points.
Among individual corridors, Malawi saw a one-day repricing of 5.8% on April 9. The typical spread jumped from about 296 basis points to 1,975 basis points.
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