Stablecoin FX 3.2 bps below interbank rates in Q2, Borderless report finds

According to a Borderless.xyz benchmark report, stablecoin payments were priced 3.2 basis points below interbank FX rates across 260 payment corridors in Q2 2025. The biggest cost lever is now payment routing rather than transaction fees. The findings suggest stablecoins are becoming increasingly competitive against traditional foreign exchange systems.