A new transparent, credibly neutral reference for stablecoin-to-fiat exchange rates - designed to bring clarity and trust to the stablecoin ecosystem.  

Borderless.xyz announces the launch of the Borderless Benchmark, the first open, industry-wide reference rate for stablecoin FX rate pricing built on top of Borderless' global payments network of regulated on and offramp providers. The benchmark provides a credible, neutral, and transparent view of stablecoin-to-fiat exchange rates across venues, currencies, and chains - addressing a crucial gap in the market infrastructure.

In traditional finance, market participants rely on trusted mid-market benchmarks like Bloomberg's FX rates. In the stablecoin world, liquidity is fragmented across exchanges and on/off-ramp providers, with no aggregated view of fair pricing. The result is opacity, inconsistent rates, and limited auditability for payment companies and enterprises adopting stablecoin-based payments.

The Borderless Benchmark solves this by aggregating rate data from over a dozen on-and-off ramp providers globally, creating a transparent and verifiable view of stablecoin FX market rates. It currently reports average buy and sell rates along with observed minimum and maximum prices, with future updates to include volatility and dispersion metrics. The benchmark is designed to expand continuously as more industry participants connect and contribute data.