Svmuu News: According to Borderless’s Q2 2026 Stablecoin Payments Benchmark Report, the cost of cross-border stablecoin payments remained below interbank foreign exchange rates for three consecutive months in the second quarter, indicating that on-chain U.S. dollar settlement costs are further approaching—or even surpassing—those of the traditional financial system. Based on data analysis from 260 payment channels across 108 countries, the report shows that the median “Parity Gap” (the difference between the stablecoin delivery price and the interbank exchange rate) for stablecoin payments in the second quarter was negative 3.2 basis points (bps). In June, this metric reached its lowest level of the year at negative 5.9 bps, indicating that the overall cross-border delivery price of stablecoins was lower than the midpoint rate in the interbank market.
Borderless noted that for any cross-border payment mechanism, achieving a final settlement price lower than the interbank exchange rate is relatively rare. This data reflects the actual cost borne by customers—including transaction fees—rather than merely the foreign exchange execution price.
The report pointed out that the “transfer costs” of stablecoin payments are becoming commoditized. In the second quarter, the average cost of transferring $10,000 through mainstream channels was approximately $27, remaining near this level for five consecutive months. As competition among different service providers intensifies and the lowest quotes continue to fluctuate, market prices are gradually stabilizing.
As payment costs converge, the choice of service provider has become a new key cost factor. Borderless refers to this phenomenon as the “Routing Tax”: if a company relies on a single payment service provider over the long term, its costs may exceed the best rates available on the market. Data shows that for every $1 million in funds transferred, choosing a single provider may result in an additional cost of approximately $2,330 compared to the optimal route. (The Block)