diff --git a/packages/block-editor/src/components/text-decoration-control/index.js b/packages/block-editor/src/components/text-decoration-control/index.js
index 44635602c947a..05f92a8b8e0f6 100644
--- a/packages/block-editor/src/components/text-decoration-control/index.js
+++ b/packages/block-editor/src/components/text-decoration-control/index.js
@@ -49,7 +49,7 @@ export default function TextDecorationControl( {
 				'block-editor-text-decoration-control',
 				className
 			) }
-			__experimentalIsIconGroup
+			__experimentalIsBorderless
 			label={ __( 'Decoration' ) }
 			value={ value }
 			onChange={ onChange }
diff --git a/packages/block-editor/src/components/text-transform-control/index.js b/packages/block-editor/src/components/text-transform-control/index.js
index c71c85993f5ac..f9411f4717d46 100644
--- a/packages/block-editor/src/components/text-transform-control/index.js
+++ b/packages/block-editor/src/components/text-transform-control/index.js
@@ -47,7 +47,7 @@ export default function TextTransformControl( { value, onChange, ...props } ) {
 		<ToggleGroupControl
 			{ ...props }
 			className="block-editor-text-transform-control"
-			__experimentalIsIconGroup
+			__experimentalIsBorderless
 			label={ __( 'Letter case' ) }
 			value={ value }
 			onChange={ onChange }
diff --git a/packages/components/CHANGELOG.md b/packages/components/CHANGELOG.md
index bb6d6331ecc8b..8eac166a9286c 100644
--- a/packages/components/CHANGELOG.md
+++ b/packages/components/CHANGELOG.md
@@ -20,6 +20,7 @@
 ### Internal
 
 -   Remove unused `normalizeArrowKey` utility function ([#43640](https://github.com/WordPress/gutenberg/pull/43640/)).
+-   `ToggleGroupControl`: Rename `__experimentalIsIconGroup` prop to `__experimentalIsBorderless` ([#43771](https://github.com/WordPress/gutenberg/pull/43771/)).
 -   Refactor `FocalPointPicker` to function component ([#39168](https://github.com/WordPress/gutenberg/pull/39168)).
 -   `Guide`: use `code` instead of `keyCode` for keyboard events ([#43604](https://github.com/WordPress/gutenberg/pull/43604/)).
 -   `ToggleControl`: Convert to TypeScript and streamline CSS ([#43717](https://github.com/WordPress/gutenberg/pull/43717)). 
diff --git a/packages/components/src/toggle-group-control/stories/index.tsx b/packages/components/src/toggle-group-control/stories/index.tsx
index e6f142c542a7c..b949531025ca1 100644
--- a/packages/components/src/toggle-group-control/stories/index.tsx
+++ b/packages/components/src/toggle-group-control/stories/index.tsx
@@ -112,16 +112,23 @@ WithTooltip.args = {
 /**
  * The `ToggleGroupControlOptionIcon` component can be used for icon options. A `label` is required
  * on each option for accessibility, which will be shown in a tooltip.
- *
- * When using icon options within `ToggleGroupControl`, the `__experimentalIsIconGroup` style is preferred.
  */
 export const WithIcons: ComponentStory< typeof ToggleGroupControl > =
 	Template.bind( {} );
 WithIcons.args = {
 	...Default.args,
-	__experimentalIsIconGroup: true,
 	children: [
 		{ value: 'uppercase', label: 'Uppercase', icon: formatUppercase },
 		{ value: 'lowercase', label: 'Lowercase', icon: formatLowercase },
 	].map( mapPropsToOptionIconComponent ),
 };
+
+/**
+ * A borderless style may be preferred in some contexts.
+ */
+export const Borderless: ComponentStory< typeof ToggleGroupControl > =
+	Template.bind( {} );
+Borderless.args = {
+	...WithIcons.args,
+	__experimentalIsBorderless: true,
+};
diff --git a/packages/components/src/toggle-group-control/toggle-group-control-option-icon/README.md b/packages/components/src/toggle-group-control/toggle-group-control-option-icon/README.md
index 484dfa0b24b31..ad25c21a8ae03 100644
--- a/packages/components/src/toggle-group-control/toggle-group-control-option-icon/README.md
+++ b/packages/components/src/toggle-group-control/toggle-group-control-option-icon/README.md
@@ -17,7 +17,7 @@ import { formatLowercase, formatUppercase } from '@wordpress/icons';
 
 function Example() {
 	return (
-		<ToggleGroupControl __experimentalIsIconGroup>
+		<ToggleGroupControl>
 			<ToggleGroupControlOptionIcon
 				value="uppercase"
 				icon={ formatUppercase }
diff --git a/packages/components/src/toggle-group-control/toggle-group-control-option-icon/component.tsx b/packages/components/src/toggle-group-control/toggle-group-control-option-icon/component.tsx
index a8fc60000e97d..283ef884b7767 100644
--- a/packages/components/src/toggle-group-control/toggle-group-control-option-icon/component.tsx
+++ b/packages/components/src/toggle-group-control/toggle-group-control-option-icon/component.tsx
@@ -52,7 +52,7 @@ function UnforwardedToggleGroupControlOptionIcon(
  *
  * function Example() {
  *	return (
- *		<ToggleGroupControl __experimentalIsIconGroup>
+ *		<ToggleGroupControl>
  *			<ToggleGroupControlOptionIcon
  *				value="uppercase"
  *				label="Uppercase"
diff --git a/packages/components/src/toggle-group-control/toggle-group-control/component.tsx b/packages/components/src/toggle-group-control/toggle-group-control/component.tsx
index 61a072441fae0..1525269fca993 100644
--- a/packages/components/src/toggle-group-control/toggle-group-control/component.tsx
+++ b/packages/components/src/toggle-group-control/toggle-group-control/component.tsx
@@ -45,7 +45,7 @@ function UnconnectedToggleGroupControl(
 		className,
 		isAdaptiveWidth = false,
 		isBlock = false,
-		__experimentalIsIconGroup = false,
+		__experimentalIsBorderless = false,
 		label,
 		hideLabelFromVision = false,
 		help,
@@ -88,11 +88,11 @@ function UnconnectedToggleGroupControl(
 		() =>
 			cx(
 				styles.ToggleGroupControl( { size } ),
-				! __experimentalIsIconGroup && styles.border,
+				! __experimentalIsBorderless && styles.border,
 				isBlock && styles.block,
 				className
 			),
-		[ className, cx, isBlock, __experimentalIsIconGroup, size ]
+		[ className, cx, isBlock, __experimentalIsBorderless, size ]
 	);
 	return (
 		<BaseControl
diff --git a/packages/components/src/toggle-group-control/types.ts b/packages/components/src/toggle-group-control/types.ts
index 525e0a4e4442e..70c759795d755 100644
--- a/packages/components/src/toggle-group-control/types.ts
+++ b/packages/components/src/toggle-group-control/types.ts
@@ -100,11 +100,11 @@ export type ToggleGroupControlProps = Omit<
 		 */
 		isBlock?: boolean;
 		/**
-		 * Style for use with `ToggleGroupControlOptionIcon`s.
+		 * Borderless style that may be preferred in some contexts.
 		 *
 		 * @default false
 		 */
-		__experimentalIsIconGroup?: boolean; // TODO: Refactor so this can be private
+		__experimentalIsBorderless?: boolean;
 		/**
 		 * Callback when a segment is selected.
 		 */