Beta
The Borderless Benchmark is the first open, industry-wide reference rate for stablecoin FX pricing, built on Borderless’s global payments network of regulated on- and off-ramp providers. The benchmark offers a credible, neutral, and transparent view of stablecoin-to-fiat exchange rates across venues, currencies, and chains - addressing a crucial gap in market infrastructure.
The Methodology
The foundation of a credible benchmark
The Borderless Network connects regulated partner financial institutions (PFIs) around the world to enable seamless cross-border payments. Through these integrations and transaction flows, Borderless is uniquely positioned to provide a credibly neutral and transparent view of stablecoin-to-fiat exchange rates.
Each PFI supplies both buy and sell rates for every supported stablecoin-fiat pair. With multiple PFIs per corridor and continuous rate collection throughout the day, the dataset provides a broad and representative snapshot of the market.
As the network of PFIs expands and new currencies and stablecoins are integrated, the benchmark’s coverage and accuracy will continue to grow—bringing greater transparency to the evolving stablecoin ecosystem.
Average buy and sell rates
The average buy/sell rates represent the average rates at which a PFI quotes the base asset as aggregated across all available data we collect.
Median buy and sell rates
The median buy/sell rates represent an indicative middle point of the data we collect. Median is a useful metric to view aggregate data without skew from outliers.
Average percentage spreads
The percentage spread is the distance of the buy and sell rates from the midpoint between them and represents both liquidity in the market and margin that PFIs add as revenue.
