MiCA Binds Euro Stablecoins; 88 Charged in French Wrench Attacks

A report released Monday by Blockchain for Europe, co-authored by European Central Bank official Ulrich Bindseil and Erwin Voloder, concludes that the EU’s Markets in Crypto-Assets Regulation (MiCA) has produced euro-denominated stablecoins that are very safe but commercially uncompetitive.

The report focuses on MiCA’s rules for euro electronic money tokens (EMTs). Under the regime, EMTs must be fully backed and are not allowed to pay interest. The ban on remuneration was designed to prevent stablecoins from acting as substitutes for bank deposits. The authors cite industry data showing euro stablecoins represent less than 1% of global stablecoin volume despite the euro’s broader role in global markets.

The report frames the current EMT rules as placing euro tokens at a disadvantage in a positive-rate environment because they cannot offer yield the way some foreign-currency stablecoins or bank products can. The authors describe a regulatory trade-off in which stricter safeguards reduce commercial use. The paper does not set out specific legislative changes.

In a separate case, France’s national prosecutor for organized crime, Vanessa Perrée, announced that 88 people have been indicted in connection with a series of wrench attacks targeting crypto holders. Ten of the indicted are minors and 75 suspects are in pre-trial detention. The indictments relate to 12 cases handled by specialized investigating judges at the Paris Judicial Court and monitored by the National Prosecutor’s Office for Organized Crime (PNACO).

Wrench attacks involve using physical force to coerce victims into handing over access to digital wallets. French authorities report incidents that include home invasions, kidnappings and extortion to force transfers of crypto-assets. PNACO recorded 18 wrench attacks in 2024, 67 in 2025 and 47 so far in 2026. A blockchain security firm reported a 75% rise in crypto-related attacks worldwide in 2025 compared with 2024.

Perrée called the acts “of particular seriousness,” listing legal classifications that include arrest, abduction, organized group sequestration, extortion and attempts at organized group extortion, and highlighted the harm to victims and the methods used to force transfers of crypto-assets.

French prosecutors said they are prioritizing building cases against organized groups suspected of carrying out the attacks. Investigators are using arrests, pre-trial detention and judicial oversight to disrupt alleged networks, and authorities indicated cooperation with other law enforcement bodies to trace transfers and recover assets where possible.

MiCA was adopted to create a harmonized rulebook for crypto-assets across the EU, covering issuers, service providers and market conduct. The regulation requires transparency, custody safeguards and capital for issuers. Supporters of the regulation point to those protections; critics and the report’s authors say the EMT rules limit the commercial utility of euro stablecoins and keep them a small share of global stablecoin activity.