1.   Issuers of asset-referenced tokens or e-money tokens shall implement a solvency stress test and a liquidity stress test.

2.   The solvency stress test shall capture the impact of certain developments including macro or microeconomic scenarios, on the overall capital position of the issuer of asset-referenced tokens or e-money tokens, including on its minimum or additional own funds requirements, by means of projecting the issuers’ capital resources and requirements, highlighting the issuer’ vulnerabilities and assessing its capacity to absorb losses and the impact on its solvency positions.

3.   The liquidity stress test shall capture the impact of certain developments including macro or microeconomic scenarios, from a funding and market risk perspective and shocks to the liquidity of the reserve of assets and to the overall liquidity position of the issuer of asset-referenced tokens or e-money tokens, including to its minimum or additional liquidity requirements.

4.   The specific design, complexity and level of detail of the stress test methodologies shall be appropriate to the nature of the asset-referenced token or e-money token, including redemption rights’ nature, scale and size, as well as the complexity, concentration and composition of its reserve assets.