Borderless.xyz’s Q2 2026 Benchmark report, released on July 13, analyzed 2.96 million rate observations across 260 payment corridors spanning 108 countries. The study found that stablecoin-driven cross-border transfers consistently priced below interbank rates, with a median Parity Gap of -3.2 basis points. The median delivery cost for a $10,000 transfer stood at 27.2 basis points, or $27.20, but rose to 46.2 basis points for smaller $500 transfers compared to 26.2 basis points for $1 million transfers. The report also highlighted the “Routing Tax,” the cost of sticking with a single provider instead of dynamically choosing the best offer: 23.3 basis points, representing $2,330 per million moved.
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