BRL / tokenized government debt

TESOURO · issued by Etherfuse. verified

The terms

Issuer

Etherfuse

Jurisdiction

Same Etherfuse stablebond program as CETES (Swiss DLT Act framework per RWA.xyz). Underlying obligor is the Brazilian sovereign; Etherfuse's bond page names 'Banco Central do Brasil' as issuer of the underlying and the National Financial System of Brazil as regulator.

Chains

Solana, Stellar, Base, Polygon, Monad

Contracts

Solana BRNTNaZeTJANz9PeuD8drNbBHwGgg7ZTjiQYrFgWQ48p explorer

Stellar TESOURO-GCRYUGD5NVARGXT56XEZI5CIFCQETYHAPQQTHO2O3IQZTHDH4LATMYWC explorer

Base 0x7ceE47e7B7CD04CF984e8Dd86C42595B5771A9B2 explorer

Polygon 0xd574b191B5a00262Ff19953d3CE25543AB7C8098 explorer

Monad 0x7A9990ffe3057EDC18558cA4C8804430fe917456 explorer

Yield basis

APY displayed on issuer's own bond page; accrues to token NAV in BRL, tracking Brazil's Selic/CDI complex. RWA.xyz reports a trailing 7-day APY of 12.99% on the same date. source

Size

$752.30k source

Minimum

Not stated on issuer pages I read.

Who may hold it

Not disclosed on issuer pages I could read; primary purchase settled in USDC via the Etherfuse app. source

Redemption

Redemption at applicable NAV under the stablebond program terms; next stated maturity roll date 2026-08-06. source

Cost to enter

Same stablebond fee schedule: 0.25%, 1.5% commission on yield depending on yield level (issuer legal overview). Stabull's write-up quotes the same 0.25%, 1.5% band.

Transferability

Freely transferable. No allowlist at the token level.

Secondary liquidity

Verified live pools: Stabull TESOURO/USDC on Base, pool 0x4C69bFF4b9a4451704B13c97fc5e9CD7CBe29f5F; Stabull TESOURO/USDC on Polygon, pool 0x347E2c9230EAB93c71FBae5d5cd134E61f181578, both listed 2026-07-09 with Redstone oracles. Issuer page also lists Jupiter and Orca (Solana) and Curve. No per-pool USD TVL obtainable: Stabull's site showed a single aggregate 'Pool TVL $63,033' figure that I could not attribute to the TESOURO pools specifically, and DEXScreener/GeckoTerminal were blocked. Issuer-side PRIMARY buy liquidity on 2026-08-05 was BRL 219,281.

What we think you should know

Sources

• https://app.etherfuse.com/bonds/tesouro
• https://app.etherfuse.com/dashboard
• https://etherfuse.com/products/stablebonds
• https://app.rwa.xyz/assets/TESOURO
• https://app.rwa.xyz/government-bonds
• https://stabull.finance/defi-blog/tesouro-announcement/
• https://stabull.finance/supported-stablecoins/
• https://app.etherfuse.com/legal/stablebonds-overview

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