Stablecoin-based cross-border payments were cheaper than traditional interbank foreign exchange rates throughout the second quarter of 2026, according to a new report from Borderless.xyz.
The study analyzed 260 payment corridors across 108 countries and 59 currencies, using nearly 3 million exchange-rate observations. It found that stablecoin transactions consistently delivered better pricing than traditional banking channels during the quarter.
A key measure in the report, known as the Parity Gap, averaged minus 3.2 basis points during Q2. A negative reading means customers received a better exchange rate through stablecoin payments than the interbank midpoint rate. The figure improved from minus 2 basis points in April to minus 5.9 basis points in June, marking the strongest performance of the year.
The report also showed that the average cost of sending a $10,000 international payment remained stable at around $27, with little change over the past several months.
One of the report’s biggest findings was that choosing the right payment provider can significantly reduce costs. Businesses that relied on a typical provider instead of the most competitive option paid an average of 23.3 basis points more, which translates to about $2,330 in additional costs for every $1 million transferred.
The best provider often changed frequently. For example, in the USDT-to-Brazilian real payment corridor, the lowest-cost provider changed leadership 34 times over an 88-day period, highlighting the importance of dynamic routing rather than relying on a single payment provider.
The study also compared USDC and USDT pricing across different markets. While the overall difference between the two stablecoins was minimal, some countries showed notable variations. Peru, for example, saw USDC trading at a significant discount compared to USDT, while smaller differences appeared in markets such as Chile and Switzerland.
Regional performance varied considerably. African payment corridors experienced the greatest volatility, with average provider spreads widening sharply during the quarter. Malawi recorded one of the most dramatic changes after a major repricing event, while Ghana also experienced wider spreads despite maintaining multiple active providers.
Meanwhile, Latin American corridors generally became more competitive, helping reduce payment costs in several markets.
The findings come as stablecoins continue to expand beyond cryptocurrency trading into real-world uses such as business payments, payroll services, and international settlements. Industry estimates suggest that stablecoin-powered payments have grown rapidly in recent years, with businesses increasingly using them to move money across borders more efficiently.
According to Borderless.xyz, businesses can achieve the greatest savings by using flexible routing strategies that select the most competitive provider for each transaction rather than depending on a single payment service. As competition among providers increases, stablecoin-based payment networks continue to offer lower costs and faster settlement for international transfers.
