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According to the press release announcing the endorsement, “the program prioritizes work on emerging risks and vulnerabilities, digitalization, climate-related financial risks and Basel III implementation.” The classification conditions designed by the Committee also require cryptoassets with stabilization mechanisms to pass a redemption risk test. “The objective of the redemption risk test is to ensure that the reserve assets are sufficient to enable the cryptoassets to be redeemable at all times, including during periods of extreme stress, for the amount to which the cryptoasset is pegged ,” the report said.