(3)Issuers of asset-referenced tokens or e-money tokens should establish a liquidity contingency plan with early warning signals and liquidity risk mitigation tools. In particular, issuers of asset-referenced tokens or e-money tokens should monitor as an early warning signal the volatility of assets referenced relative to the reserve of assets and the evolution of any gap between the market value of the tokens and the market value of the assets referenced, in order to anticipate potential material redemption requests, particularly in view of any potential underestimation of the market value of tokens in the market. Given that an overestimation of the market value of a token might create an incentive to sell it, issuers of asset-referenced tokens or e-money tokens should pay attention to transaction volumes and prices in order to be ready to react to any adverse evolution in the market of the tokens.