JPYC Explains Stablecoin Payment Competition to Japan's Fair Trade Commission

On September 14, JPYC provided information to Japan's Fair Trade Commission regarding the competitive environment of the cashless payment market and the JPYC mechanism. Since its issuance in October 2025, over 150 establishments, including restaurants, retail stores, and direct sales of agricultural products, have adopted stablecoins in physical stores, mobile shops, and e-commerce. Users can directly transfer value on-chain between themselves and the participating stores, and JPYC does not charge merchants a franchise fee. Some merchants have implemented or plan to use the cost savings for discounts on JPYC payments or free shipping, but they are concerned about triggering clauses in existing credit card franchise agreements that prohibit surcharges, cash discounts, or directing customers to other payment methods. JPYC believes that the choice of payment methods and pricing falls under the business freedom of merchants, and returning cost savings to customers is beneficial for competition.

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