Etherfuse

Etherfuse turns government bonds into tokens it calls Stablebonds. Each token is a claim on real bonds held by a bank or custodian in the country that issued them. Its first and largest is CETES, short-term Mexican debt, shown at Solana Breakpoint in 2023. By October 2026 it also sold bonds from Brazil, the UK, the EU and the US. It had waitlists open for the Philippines, Kazakhstan and Colombia. A second product, Etherfuse FX, uses the bond tokens to swap dollars and pesos for far less than a bank charges. The tokens run on Solana, Stellar, Base, Polygon and Monad. Buyers must pass ID checks, and US persons are barred.

How Etherfuse Stablebonds work: NAV, custody and redemption

A Stablebond is a token whose price tracks a pool of real bonds. It is not pegged to a currency. As the bonds earn interest, the pool grows and the token price goes up. You earn the yield just by holding it.

The Stablebonds page says each token's value "is based on the net asset value (NAV)" of a pool of bonds "held in regulated custody." NAV is the pool's total worth split across every token.

Buying takes four steps. You pick a market and place an order in the Etherfuse app or API. Once the bonds settle, tokens land in your wallet. Then you hold for yield or cash out. Etherfuse says you can redeem "for fiat at NAV any business day. No lock-ups, no gates."

On Solana, the yield is built into the token, so there is no separate payout to claim. The code runs in the Stablebond program at BondyhA24H696Y1HudTyBGzZH58PMPCeAoSinHdWMa1f, per Etherfuse's open-source Rust SDK.

Etherfuse CETES, TESOURO, GILTS, EUROB and USTRY: which bonds are live

Five Stablebonds were live in October 2026. Each holds one government's short-term debt. Yields follow each country's interest rates. Brazil's TESOURO pays the most and the EU's EUROB the least. You can see the live rates in the Etherfuse app and on our token pages.

On Solana you can find Etherfuse CETES, Etherfuse TESOURO, Etherfuse GILTS and Etherfuse USTRY by their token address. Etherfuse warns that its test and live addresses differ, so copy them from its own API.

CETES are Mexico's oldest short-term government bills. Etherfuse's Mexico page calls CETES the largest token it issues, with BBVA holding the bonds. TESOURO holds Brazilian Treasury notes kept at B3 that mostly mature within 90 days. Etherfuse has issued TESOURO since November 2024, per Transfero. Across all markets, the Etherfuse homepage names BBVA, Shinhan and B3 as custodians.

In June 2026, Anchorage Digital began holding the CETES token on Stellar for big clients. Funds now have a regulated place to keep the token itself. The bonds behind it stay with BBVA.

New Etherfuse markets: Philippines PHTRY, Kazakhstan MEKKAM and Colombia TES

Etherfuse opened waitlists for three new countries in late September and October 2026. None was live on 24 October 2026.

PHTRY will hold 90-day bills from the Philippine Treasury. Etherfuse said on X on 29 September 2026 that it was "finalizing" PHTRY.

In Kazakhstan, Etherfuse plans MEKKAM, a token for short-term state bills, and KAZe, a tenge token. The Kazakhstan page cites a central bank ruling dated 27 July 2026. CEO David Taylor said the approval took about three months. In Mexico it took two and a half years.

For Colombia, the Colombia page lists TES (COP), a claim on state bonds, and COLe, a peso token backed by them.

The new pages say an outside firm will check reserves each month. They don't yet name the banks holding the bonds.

In August 2026, Etherfuse also signed a deal with Shinhan Asset Management, the Solana Foundation and Orca ORCA$1.29-1.8% to test a Korean won bond fund on-chain. Etherfuse would issue the tokens. We covered the Shinhan, Solana Foundation, Orca and Etherfuse MOU when it was signed, and The Block reported the same terms.

Etherfuse FX and MEXe: USD to MXN conversion fees

Etherfuse FX lets businesses swap US dollars and Mexican pesos. The trade runs through CETES tokens instead of a bank. Etherfuse says most trades settle in seconds.

The FX page quotes a fee of 0.05% to 0.20%. It says banks charge ten times that or more. Large trades can take up to a business day. Etherfuse launched FX in March 2026 for remittance firms, payment apps and importers.

Say your company earns $100,000 from US customers and needs pesos for payroll. At the top of the quoted range, you pay about $200. A bank charging 3% takes $3,000. The bank figure is Etherfuse's own claim, so check your bank's real rate.

Etherfuse also issues MEXe, a peso token backed by CETES. One MEXe redeems for one peso, on Solana, Base and Stellar. Don't confuse it with MXNe, a separate peso stablecoin from Brale.

Etherfuse API fees, SDKs and supported chains

Etherfuse sells mostly to businesses through an API. One hookup covers cash to token, token to bank and token swaps. A test sandbox comes with it.

The fee schedule charges nothing to buy a Stablebond in its own currency and 0.05% to sell back. Trades across currencies are priced by monthly volume. For Mexico, the fee falls from 0.20% under $5 million to 0.05% above $100 million. Brazil costs the most. Apps built on Etherfuse can add up to 5% on top, so a partner app may charge you more than Etherfuse does.

Developers get a TypeScript package (@etherfuse/stablebond-sdk) and a Rust crate (stablebond-sdk), per the SDK docs. There is also an MCP server for AI agents. The homepage lists Solana, Stellar, Base, Polygon and Monad. The docs add an Avalanche guide. The Solana guide notes Solana needs no trustline step, unlike Stellar.

Using Etherfuse Stablebonds in DeFi as collateral

Stablebonds are normal tokens, so other apps can use them. You can lend them, pool them or borrow against them, and the bond yield keeps coming in the whole time. A bond in a bank account can't do that.

On 2 October 2026, Feather opened Morpho lending markets on Polygon. There you can post TESOURO as collateral to borrow BRZ, a Brazilian real stablecoin. Around the same time, a trader set up a BRS/TESOURO pool with no help from Etherfuse, said Victor Cioffi of the BRS token team. Wallets use it too. Tomorrow's Wallet said on 19 October 2026 that its savings feature now runs on Etherfuse.

Trading between holders is still thin. Bluechip lists weak resale markets as a risk for CETES. Most buying and selling goes through Etherfuse itself.

Who Etherfuse is for

Etherfuse fits non-US payment apps, digital banks and money-transfer firms. They get bond yield in local currency on-chain, or cheaper dollar-peso swaps. It also suits non-US savers who want small amounts of Mexican or Brazilian bonds in a crypto wallet. You must pass ID checks, and US persons are barred.

That ban is firm. Etherfuse's 2025 SEC filing says it blocks US persons with location checks and ID checks.

If you hold dollars, USTRY is the only Stablebond with no currency risk for you. With the others, you take on the currency as well as the rate. Say you hold dollars and buy TESOURO for its high yield. If the real falls against the dollar, you can still lose money.

Etherfuse is a poor fit if you want to trade in and out at any hour with deep markets. Resale markets are thin, and cash-outs run on business days.

Is Etherfuse safe? Audits, custody, regulation and risks

Etherfuse keeps real bonds at regulated banks and posts reserve reports. It says two firms, OtterSec and Highland Security, checked its code. The bigger risks are legal. You trust the firm, its banks, and bankruptcy rules no court has tested.

Bluechip, a stablecoin rating site, grades CETES B+. Its main worry is that Etherfuse owns the bonds while you own a token. Bluechip says Mexico's "lack of legal precedent" leaves doubt over what holders get if the firm fails. It adds that no regulator checks Etherfuse's finances. The firm is only registered with Mexico's money-laundering unit.

In April 2024, Mexico's market regulator, the CNBV, ruled that the tokens are not securities and need no license. Etherfuse cites this as Resolution P090/2024 in its Arbitrum grant application. The ruling gives clarity. It does not mean anyone watches the firm day to day.

Other points to weigh:

• Sources differ on cashing out. Etherfuse says any business day at NAV. Bluechip says CETES redeem when the bond matures, usually after seven days.
• The homepage promises weekly proof of reserves. The market pages promise monthly checks by an outside firm. Bluechip notes a clean 2024 financial audit. Etherfuse does not say which code each security audit covered.
• Etherfuse does not say who can upgrade the Solana Stablebond program, and we could not confirm it for this update. Check an explorer before you assume the code can't change.
• Each bond carries its government's credit risk. Mexico's CETES are rated BBB-, the lowest investment grade, per Etherfuse's SEC filing.

Etherfuse vs Ondo USDY and other tokenized treasury alternatives

Choose Etherfuse if you want local-currency bonds from Mexico, Brazil and other emerging markets on Solana. Few issuers offer that. If you only want US Treasury yield, bigger dollar issuers are the more direct choice.

Ondo USDY$1.15+0.0%'s USDY is the closest dollar option on Solana. It is backed mostly by short-term US Treasuries and bank deposits. Like Etherfuse, it is closed to US persons. It is much larger than USTRY, which helps when you want to sell. It gives you no pesos, reais or pounds.

For peso payments without bond yield, Brale's MXNe is a plain peso stablecoin. Etherfuse's MEXe is backed by CETES instead.

Etherfuse team, founding and history

David Taylor founded Etherfuse in May 2021 and runs it as CEO. He is a computer scientist with a past in security and cryptography. Brandon Rodriguez leads growth.

• November 2021: Etherfuse began talks with Mexico's Ministry of Finance and the CNBV.
• October 2023: debuted the CETES Stablebond at Breakpoint 2023 in Amsterdam, as CoinDesk reported.
• April 2024: CNBV Resolution P090/2024.
• November 2024: TESOURO issuance began.
• March 2026: Etherfuse FX launched.
• August 2026: Shinhan Asset Management MOU.
• September to October 2026: waitlists opened for the Philippines, Kazakhstan and Colombia.

Taylor has explained the model on Solana podcasts, including Validated and Solfate.