don't think so. a merchants enters into a contract with Gatcoin, and then the team generates the tokens for the merchant.
Im sure merchants will be able to log on in the app to issue new coupons and bonuses as much as they will want to. Ok, their coin will probably be created by Gatcoin team, but merchants will be managing it themselves. At least this would be the most logical thing to do.
I have the same thought as yours. Tokens will be created by gatcoin's team. Then merchants will manage all the other aspects. And at the end, merchants will attach their tokens to the gatcoin system to get the benefit from other tokens.