Etherfuse is a platform dedicated to bringing sovereign debt markets onto blockchain. Its products, called Stablebonds, allow traditional government bonds to be represented as digital tokens that can circulate in decentralised finance. The project began operations in Mexico, where it works with licensed custodians and brokers to hold government securities such as Certificates of the Treasury of the Federation. By providing on-chain representations of these instruments, Etherfuse gives individuals and institutions access to yield-bearing financial products in a way that combines compliance, transparency, and composability with DeFi applications.

The design of Etherfuse reflects the principle that tokenisation of real assets must always be backed by verifiable reserves. Custody of the underlying securities is segregated, and regular attestations confirm that tokens in circulation match bonds held with partners such as BBVA Mexico, Actinver, BASE and Kuspit. The company also applies know-your-customer checks to ensure that its products remain compliant with applicable regulations.

CETES is the Stablebond token issued by Etherfuse to represent Mexican sovereign short-term bonds on chain. Each token corresponds to a fractional position in government-issued certificates. Holders of CETES receive yield that adjusts periodically in line with the underlying rates set by the Mexican Treasury. Maturities are programmed into the token framework so that redemption can take place when bonds reach their term, while secondary transferability ensures that investors can also trade exposure before maturity.

CETES exists as a Solana-based digital asset managed by smart contracts that handle issuance, redemption and settlement. These contracts are not subject to community governance but operate under the rules established by Etherfuse, reflecting the legal and regulatory obligations attached to sovereign debt. By placing these assets on chain, CETES bridges traditional finance and decentralised systems, allowing them to be used within wallets, lending platforms and other composable protocols.