**[Analysis: Stablecoin Cross-Border Payment Costs Fall Below Interbank Exchange Rates, Routing Choices Become the Largest Cost Variable]** Odaily Planet Daily reports that according to the Q2 2026 Stablecoin Payment Benchmark Report released by Borderless, stablecoin cross-border payment prices were consistently lower than interbank foreign exchange rates for three consecutive months in the second quarter, indicating that on-chain USD settlement costs are increasingly approaching or even outperforming the traditional financial system. The report, based on data analysis from 108 countries and 260 payment channels, shows that the median "Parity Gap" (the difference between stablecoin delivery prices and interbank exchange rates) for stablecoin payments in Q2 was negative 3.2 basis points (bps). In June, this metric reached its lowest level of the year at negative 5.9 bps, meaning that stablecoin cross-border delivery prices were overall lower than the interbank market midpoint rate. Borderless stated that achieving a final delivery price lower than interbank exchange rates is rare for any cross-border payment mechanism. The data reflects the actual customer payment cost, including fees, rather than just the foreign exchange execution price. The report noted that the "transfer cost" of stablecoin payments is becoming commoditized. In Q2, the average cost of transferring $10,000 through mainstream channels was approximately $27, a level that has remained stable for five consecutive months. As competition among different service providers intensifies, minimum quotes continue to fluctuate, and market prices are gradually stabilizing. With payment costs converging, service provider selection has become the new core cost factor. Borderless refers to this phenomenon as "Routing Tax": if businesses rely on a single payment service provider for the long term, their costs may exceed the market's best quote. Data shows that for every $1 million in fund transfers, relying on a single provider could result in an additional cost of approximately $2,330 compared to the optimal routing path. (The Block)