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Bernstein
2026-07-14 00:32:15

Bernstein says stablecoin FX pricing fell below interbank levels in Q2, with routing emerging as the key cost lever

Bernstein’s latest report, led by senior analyst Gautam Chhugani, says the second quarter of 2026 marked the first time stablecoin foreign-exchange pricing moved below interbank funding levels. Citing the report, The Block described the shift as a structural turning point in the cost profile of stablecoin-based payment infrastructure versus traditional cross-border finance. The report highlighted Mexico’s peso, Colombia’s peso and Chile’s peso as three Latin American currencies whose stablecoin FX execution costs stayed within 22 basis points, or 0.22%, of interbank levels throughout the quarter. In Bernstein’s view, that puts stablecoin rails close to, and in some cases ahead of, traditional bank pricing for cross-border settlement in those markets. Kenya’s shilling showed one of the fastest tightening moves. The gap between stablecoin quotes and interbank pricing narrowed from 176 basis points in January 2026 to 33 basis points by March, a more than fivefold reduction in roughly three months. Bernstein also said USDC and USDT posted a median FX spread difference of 0 basis points during the quarter, suggesting the two tokens are now functionally equivalent for FX use. That leaves routing, including cross-chain and cross-liquidity-pool order splitting, as the main competitive factor in lowering execution costs.

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Bernstein says stablecoin FX pricing fell below interbank levels in Q2, with routing emerging as the key cost lever
stablecoins
2026-07-13 16:07:38

Borderless says Q2 stablecoin cross-border quotes stayed below bank FX mid-rates

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.

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Borderless says Q2 stablecoin cross-border quotes stayed below bank FX mid-rates
tokenization
2026-06-27 08:40:15

Tokenized Settlement Network Metal Raises Seed Round Led by Airwallex and Capital49 Amid Stablecoin Debate

Metal, a tokenized financial product settlement network, has completed a seed funding round co-led by Airwallex and Capital49. The exact amount remains undisclosed. Airwallex also became Metal's first design partner, signaling the fintech giant's deepening interest in tokenized settlement infrastructure. Notably, Airwallex founder Jack Zhang had previously expressed skepticism about stablecoins' ability to reduce foreign exchange costs, calling the technology 'unproven.' This investment marks a potential strategic shift. This article explores the deal details, investor profiles, and implications for the tokenization market.

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Tokenized Settlement Network Metal Raises Seed Round Led by Airwallex and Capital49 Amid Stablecoin Debate