Introducing the Borderless Benchmark: Bringing Clarity to Stablecoin FX Rates

We are proud to introduce the Borderless Benchmark - an open, credibly neutral reference for stablecoin-to-fiat exchange rates, built on top of Borderless’s global payments network of regulated on- and off-ramp providers. 

In simple terms: it’s a transparent, community-driven benchmark for how stablecoins like USDC, USDT, or EURC trade against local currencies around the world. It brings market-infrastructure logic – benchmarks and mid-market reference – to the stablecoin economy.

Why this matters

Stablecoins are powering billions in cross-border payments every month, but there’s still no reliable way to compare FX rates across venues, currencies, or chains. Every provider shows its own prices across different chains and regions, with no unified reference point. That fragmentation makes it hard to compare rates or even know how your pricing stacks up  - making it hard for fintechs, PSPs, and enterprises to tell whether they’re getting fair pricing and therefore slowing real-world adoption.

The Borderless Benchmark is our answer to that problem: an open, transparent dataset that anyone can access and help improve.

What’s live today

The benchmark aggregates rate data from on- and off-ramp providers globally, giving a verifiable snapshot of stablecoin FX markets.
It currently reports average buy and sell rates as well as observed highs and lows across multiple stablecoins, fiat pairs, and blockchains. Future updates will include volatility and dispersion analytics, with coverage expanding as more partners connect.

This is a beta by design - an early, open release meant to get real feedback from builders and partners.

Built to stay neutral

Unlike exchanges or issuers, Borderless.xyz is not a liquidity provider. We connect across wallets, blockchains, and liquidity venues - which means we can aggregate data without bias or agenda. 

This credible neutrality makes Borderless a natural convener for an industry that needs shared standards without centralized control. It’s what allows the benchmark to exist as a community-owned reference, not a proprietary product.

An open, collaborative effort

The Borderless Benchmark is a community project bringing together payment, liquidity, and on/off-ramp providers into one unified dataset. Each new contributor makes the benchmark stronger, more representative, and more useful to everyone.

It’s live today in open beta (v0.1) – free to access, explore, and build on. We’ll keep adding new providers, pairs, and analytics in the coming months, and we’d love your input as it grows. 

The goal is simple: to build a shared foundation for stablecoin FX transparency that belongs to everyone.