Our archives on Japan

Datafiles Jul 03

With the July 2026 deadline for US agencies to finalise the implementation of the GENIUS Act approaching, we examine five of the world’s most consequential stablecoin regimes, the United States, United Kingdom, Singapore, Hong Kong and Japan. While these jurisdictions have largely aligned on what constitutes stablecoin, none has yet delivered a commercially scalable market. The real contest has shifted to access, distribution, commercial viability and control—factors that will determine who builds the next generation of payment infrastructure.

Digital banks serve customers far more cheaply than incumbents, but most generate less revenue for every dollar spent on servicing. Nubank and WeBank stand out, generating 4.1x and 3.8x their servicing cost in revenue respectively, outperforming leading incumbents. Most other digital banks fall short of incumbent benchmarks, showing that lower cost-to-serve alone does not guarantee stronger economics.

Rankings Oct 26

Scale is strongly associated with financial strength, but the TAB Global 1000 World’s Strongest Banks 2026 ranking shows that size is only part of the picture. Some smaller institutions substantially outperform their positions by assets, while exceptional profit growth and increasingly large regulatory liquidity buffers do not necessarily correspond with greater overall strength.

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