Data: In Q2 2026, the quotes for stablecoin cross-border payments continued to be lower than interbank exchange rates, with "routing fees" becoming the largest cost factor

According to The Block, the Benchmark Report released by Borderless.xyz for Q2 2026 shows that the delivery quotes for stablecoin cross-border payments in each month of the second quarter were all below the interbank foreign exchange rate midpoint. Data covering 108 countries and 260 payment corridors indicates that the median "parity spread" for the quarter was -3.2 basis points, further widening to -5.9 basis points in June, marking the deepest negative value of the year.

The report also shows that the typical delivery cost for a $10,000 cross-border payment in the second quarter was approximately $27, and it has remained around this level for five consecutive months. If companies only connect to a single service provider in the long term, they will pay an average of about $2,330 more compared to the optimal quote for every $1 million payment scale, known as the "routing tax."

Regionally, the African market showed the most significant fluctuations, with the price point spread widening by 166 basis points to 512.8 basis points; Latin America compressed to 89.0 basis points, while Asia remained relatively stable at 6.1 basis points. In specific corridors, Malawi experienced a one-day repricing of 5.8% on April 9, with the typical spread jumping from about 296 basis points to 1975 basis points.