Africa has emerged as the region with the highest stablecoin-to-fiat exchange spreads globally, according to data from payment infrastructure company Borderless xyz. The median spread for stablecoin exchanges in Africa is approximately 3% (299 basis points), significantly higher than Latin America's 1.3% and Asia's 0.07%. Within Africa, South Africa's exchange cost is around 1.5%, while Botswana's reaches nearly 19.5%. The report attributes these spreads to local liquidity and the level of competition among service providers. Markets with multiple providers typically see costs between 1.5% and 4%, whereas those with a single provider often exceed 13%. Despite stablecoins being touted as a tool to reduce cross-border remittance costs, actual exchange costs remain notably high in some African corridors.