Recovery plan indicators must reflect both the approved stablecoin’s and the stablecoin issuer’s specific risk profile and operating environment. As such, the calibration of recovery plan indicators and thresholds must be applied at the level of the approved stablecoin, except for the capital adequacy indicators that should be calibrated at the level of the stablecoin issuer, based on its specific size, complexity, nature and business model and the operational risk indicators and the market confidence indicators that must be calibrated both at the level of the stablecoin issuer and at the level of the approved stablecoin.