(a) whether the stablecoin issuer is likely to breach the requirements referred to in Chapter 6 of this Module (Reserve assets and Redemption Requirement) and Section SIO-5.3 (Governance Requirements) of Chapter 5 within the following 12 months;

(b) whether at all times redemption at par value is not ensured either in normal or in stressed market condition;

(c) whether there is an increased risk of a significant deterioration on the value of the reserve assets or the financial condition of the stablecoin issuer; and

(d) whether there is an increased risk arising from systems including the underlying distributed ledger and any trading platform or payment system used for the issuance or the transfer of the approved stablecoin and from other third-party crypto asset service providers such as custodians to which the approved stablecoin and/or reserve asset might rely on.