MXN / tokenized government debt

CETES · issued by Etherfuse. verified

The terms

Issuer

Etherfuse

Jurisdiction

Issuance framework listed as Switzerland / Swiss DLT Act (FINMA) on RWA.xyz; distribution into Mexico under CNBV Resolution P090/2024 'no action' relief (per CoinGecko asset page, not seen on a CNBV source); custodian BBVA, crypto custodian Kuspit Casa de Bolsa

Chains

Solana, Stellar, Base, Polygon, Monad

Contracts

Solana CETES7CKqqKQizuSN6iWQwmTeFRjbJR6Vw2XRKfEDR8f explorer

Stellar CETES-GCRYUGD5NVARGXT56XEZI5CIFCQETYHAPQQTHO2O3IQZTHDH4LATMYWC explorer

Base 0x834df4C1d8f51Be24322E39e4766697BE015512F explorer

Polygon 0x834df4C1d8f51Be24322E39e4766697BE015512F explorer

Monad 0x834df4C1d8f51Be24322E39e4766697BE015512F explorer

Yield basis

APY displayed on issuer's own bond page (accrual to token NAV, MXN-denominated). RWA.xyz separately reports a trailing 7-day APY of 4.60% for the same asset on the same date, the two are different measures, both recorded. source

Size

$5.39M source

Minimum

Not stated on any Etherfuse page I read. CoinGecko's asset description claims a $1 USD minimum, unverified, not from issuer.

Who may hold it

Not disclosed on the issuer pages I could read (app.etherfuse.com/legal/stablebonds-overview does not state jurisdictional eligibility or KYC scope). Primary purchase on the Etherfuse app is settled in USDC. source

Redemption

Redemption at applicable NAV, subject to disclosed product terms, fees and settlement timing (issuer legal overview). Next stated maturity roll date 2026-08-06. source

Cost to enter

Issuer commission taken as a percentage of yield, stated range 0.25%, 1.5% depending on yield level, plus 0.5% tax withholding applied by Mexican financial entities on interest (issuer legal overview). RWA.xyz lists a 0.50% annual management fee.

Transferability

Freely transferable. No allowlist at the token level.

Secondary liquidity

Issuer's own page lists these venues: Orca CETES/USDC (Solana), Jupiter (Solana), Blend 'Etherfuse Pool' (Stellar), Stellar SDEX CETES/XLM, Soroswap (Stellar), Loopscale CETES/MXNe loop (Solana). CoinGecko additionally names Aerodrome (Base) and Orca as primary DEX venues. No pool-level USD TVL figure could be obtained, DEXScreener and GeckoTerminal API were blocked, and Etherfuse does not publish pool TVL. Issuer-side PRIMARY market buy liquidity shown on the bond page was MXN 4,688,812 on 2026-08-05 (this is issuance inventory, not DEX liquidity). CoinGecko 24h volume $4,050 on 2026-08-05.

What we think you should know

Sources

• https://app.etherfuse.com/bonds/cetes
• https://app.etherfuse.com/dashboard
• https://etherfuse.com/products/stablebonds
• https://app.rwa.xyz/assets/CETES
• https://app.rwa.xyz/government-bonds
• https://app.etherfuse.com/legal/stablebonds-overview
• https://coinmarketcap.com/currencies/cetes-tokenized-stablebonds-etherfuse/
• https://www.coingecko.com/en/coins/etherfuse-cetes

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