JPYC, a Japanese yen stablecoin issuer, said on Oct. 9 that it had submitted information to the Japan Fair Trade Commission on Sept. 14 regarding the competitive environment for cashless payments as stablecoin use expands. The company said JPYC has been used at more than 150 stores since its issuance in October 2025. Because value transfers are completed directly on blockchain rails, JPYC does not charge merchants member-store fees, which it said makes costs materially lower than existing cashless payment methods. Some stores want to return those savings to customers who pay with JPYC through discounts or free shipping. Still, they are concerned such incentives could conflict with credit card merchant rules that prohibit surcharges, cash discounts, or steering customers to other payment methods. JPYC said decisions on which payment methods to accept and how to price goods should fall under merchants’ own business judgment, and that passing cost reductions on to customers benefits both consumers and competition. It also cited a 2022 report by the Japan Fair Trade Commission saying blanket bans on such conduct could, in some cases, raise antitrust concerns.
JPYC, a Japanese yen stablecoin issuer, said on Oct. 9 that it had provided information to the Japan Fair Trade Commission on Sept. 14 to explain the competitive environment for cashless payments as stablecoin payments become more widely used.
The company said JPYC has been used at more than 150 stores since its issuance in October 2025. Because value transfers are completed directly through blockchain, JPYC does not charge merchants member-store fees, and it said the cost is significantly lower than existing cashless payment methods.
JPYC said some stores want to return those cost savings to customers who use JPYC by offering discounts, free shipping, and similar incentives. Those merchants, however, are concerned that such measures could violate credit card merchant agreement provisions that ban surcharges, ban cash discounts, and ban steering customers toward other payment methods.
According to JPYC, decisions on which payment methods to accept and how to set prices should be left to merchants’ own business judgment. The company said returning cost reductions to customers would benefit consumers and competition.
JPYC also pointed to a 2022 report by the Japan Fair Trade Commission, which said blanket prohibitions on this kind of conduct could, in some cases, raise issues under antitrust law. JPYC said the same view should apply to stablecoin-related incentives.
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