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Borderless.xyz launches the industry-wide stablecoin FX benchmark

Wednesday, October 22, 2025 — 16:29:01 (UTC)

NEW YORK, Oct. 22, 2025 /PRNewswire/ -- A new transparent, credibly neutral reference for stablecoin-to-fiat exchange rates - designed to bring clarity and trust to the stablecoin ecosystem.

Borderless.xyz Launches the First Industry-Wide Stablecoin FX Benchmark Borderless.xyz Launches the First Industry-Wide Stablecoin FX Benchmark 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.

Unlike exchanges or issuers, Borderless.xyz is not a liquidity provider but rather a neutral connectivity layer across multiple wallets, stablecoins, blockchains and liquidity venues, making it uniquely positioned to offer unbiased data aggregation. This credible neutrality positions Borderless as the natural convener of an industry that needs shared standards but avoids centralized control.

"Stablecoins are quickly gaining popularity in cross-border payments, but due to the highly fragmented liquidity, there has been little if any transparency into FX rates," said Kevin Lehtiniitty, CEO of Borderless.xyz. "I'm excited to be working with leading stablecoin companies around the world to introduce the Borderless Benchmark and bring much needed traditional market infrastructure logic - benchmarks and mid-market references - to the stablecoin economy."

The project embraces a community-driven and collaborative approach model, encouraging liquidity on-and-off ramp providers to contribute rate data to improve coverage together. The more contributors participate, the stronger and more representative the benchmark becomes.

The Borderless Benchmark launches today in beta (v0.1), with free and open access to check out, test and share feedback. It marks a critical step toward a transparent and reliable data infrastructure for stablecoin-based finance.

About Borderless.xyz

Borderless is a global best execution network for stablecoin on- and off-ramps. The platform connects traditional and emerging markets with reliable cross-border payments and treasury management, empowering fintechs, PSPs, and financial institutions to operate seamlessly at scale. Borderless.xyz is backed by Amity Ventures and Flourish Ventures, along with executives of leading companies such as Michael Shaulov of Fireblocks, Johnny Ayres of Socure, and Anton Katz of Talos. To learn more about Borderless.xyz, users can visit borderless.xyz/.

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Source: Company press release.

Categories: Announcement