Thinking Crypto News & Interviews
This Will BOOST Stablecoin Adoption and Change FX Markets! With Kevin Lehtiniitty
Thinking Crypto News & Interviews
•October 24, 2025•31 min
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Thinking Crypto News & Interviews•Oct 24, 2025
Key Takeaways
- •Borderless launches neutral stablecoin FX benchmark for global payments.
- •Benchmark aggregates rates from PSPs, orchestrators, banks, showing spreads.
- •Early beta covers ~10% data, expanding to full network soon.
- •Open, free access aims to boost stablecoin adoption for corporates.
- •Real‑time hourly snapshots enable treasury teams to quantify cost savings.
Pulse Analysis
In this episode of the Thinking Crypto podcast, Kevin Lehtiniitty, CEO of Borderless XYZ, unveils the company’s first‑ever stablecoin FX benchmark. He explains that traditional foreign‑exchange pricing relies on Bloomberg or Reuters, while the crypto world lacks a neutral, aggregated source for stablecoin rates. By pulling near‑real‑time price data from payment service providers, orchestrators, and banking partners across more than 70 countries, Borderless aims to create a single, credible reference point that can answer fundamental questions about cost, liquidity, and spread differentials.
The benchmark currently operates in beta, ingesting roughly ten percent of the network’s transaction data and publishing hourly snapshots that are later compressed into daily averages for historical analysis. Although the platform is free and openly accessible, it is designed to scale quickly, adding more partners and expanding coverage to 50‑plus currencies and multiple stablecoins such as USDC, USDT, USDG, and AUSDT. By offering transparent median, mean, and standard‑deviation metrics, the tool lets treasury teams compare USDC versus USDT, evaluate corridor‑specific advantages, and quantify potential savings—often measured in basis points that translate into millions of dollars for large enterprises.
Lehtiniitty emphasizes that the benchmark is a community‑driven effort, inviting banks, fintechs, and even stablecoin issuers like Circle or Tether to contribute data. The open‑source ethos mirrors traditional finance indexes from Bloomberg or S&P, but with the added benefit of decentralised governance that prevents a single entity from monopolising the data. As more participants join, the benchmark could become the go‑to reference for Fortune‑50 treasuries, accelerating stablecoin adoption and reshaping cross‑border payments by delivering faster, cheaper, and more transparent settlement options.
Episode Description
Kevin Lehtiniitty, CEO of Borderless XYZ, joined me to discuss their new Benchmark tool, which brings traditional market infrastructure logic—such as benchmarks and mid-market references—to the stablecoin economy.
Topics:
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Borderless xyz's Benchmark tool
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Stablecoins in the FX market
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BlackRock's GENIUS-compliant money market fund tailored for stablecoin issuers
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Banks pushing back on the GENIUS Act and Stablecoin Yield
https://borderless.xyz/benchmark
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⏰ Time Stamps ⏰
00:00 Intro
01:49 Stablecoin Benchmark Tool
06:55 Stablecoins and FX Market
08:43 Data sources
11:24 Tracking different stablecoins
14:05 Types of companies data is coming from
20:47 BlackRock Stablecoin product
23:20 Banks against stablecoin yield
28:30 PayPal PYUSD error mint
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