Markets / Colombia

¡Colombia Viene!

A peso worth holding.

Etherfuse is bringing TES (COP) onchain, a tokenized claim on Colombian government bonds valued at net asset value, alongside COLe, a peso token backed by the same bonds. Both are coming soon.

Join the waitlist →See the instruments

La Pola

TES (COP)Pre-launch

Token yield

At launch

COP denominated · Títulos de Tesorería

COLePre-launch

Redemption

1 : 1

COP token · Backed by TES (COP)

Token yield

At launch

Token yield published at launch

Sovereign rating

Baa3 / BB− / BB

Republic of Colombia · Moody's / S&P / Fitch

Chains

At launch

Chains confirmed at launch

A strong peso, a stretched budget.

Colombia pays one of the highest policy rates in the region, and its yields held steady through a sharp move in US rates that would once have sent them higher. Government debt sits at 59% of GDP and the current account deficit at 2.4%, so the country is not short of financing. The budget is where the pressure sits. Inflation has turned back up and the fiscal deficit is wide, which is why the rating agencies moved first. All of that is true at once, and the score reflects it.

Etherfuse sovereign score

At launch

Etherfuse Colombia scoring published at launch.

Policy rate

12.25%Rising

Raised 25 basis points in September to stay ahead of inflation.

Annual inflation

6.2%Rising

Highest reading in a year. Core inflation at 6.1%.

Peso vs the dollar

+23%

Year to date, to mid September 2026.

Government debt to GDP

59%

Low for the region. Current account deficit at 2.4% of GDP.

Policy rate and inflation per Banco de la República. Debt and current account per the Etherfuse Colombia review, October 2026. Peso move per market data, mid September 2026. Ratings per the Colombian Public Credit Office.

Caveat

The deficit is the weak point.

Projected near 7% of GDP for 2026, with three rating downgrades inside twelve months. Until it narrows, it sets the ceiling on the score.

High rates and a strong currency, offset by fiscal pressure. That is why we publish the score.

Colombians save in pesos. Their savings should earn in pesos too.

The instruments

Colombia's government bonds, tokenized.

The instrument the local market already trusts, opened up.

TES (COP)Pre-launchTítulos de Tesorería

TES (COP): Colombian government bonds, tokenized

Income accrues into the token's value. No coupon, no maturity date.

Títulos de Tesorería are the bonds the Colombian Ministry of Finance issues to fund the Republic, and the benchmark the local market prices everything else against. TES (COP) carries a claim on a segregated pool of that paper held in regulated custody and represented onchain at net asset value. It earns what the bonds earn, and it settles onchain.

Backed by

Details at launch

Liquidity

Details at launch

Access

Details at launch

Stablebond NAV is not guaranteed to increase. Token yield is COP-denominated and NAV may rise or fall.

At launch

Token yield published at launch

Join the waitlist →Read the structure

Read first

TES (COP) is a claim on Colombian government bonds. It earns what those bonds earn, and its value moves with them. It is not a peso stablecoin and it does not hold a fixed value. Read the structure before the rate.

COLePre-launchPrincipal token

A peso token backed by TES (COP), held one to one against those reserves on an NAV basis.

A Colombian peso token issued by Etherfuse. Each unit is backed by TES (COP) held in a vault and redeems one to one against those reserves on an NAV basis. The bonds behind it accrue, and that accrual stays with the vault rather than passing to the holder.

Backing

TES (COP) held in a vault

Currency

COP

1 : 1

Against TES (COP) reserves, on an NAV basis

Yield to holder

None. Accrual stays with the vault

Talk to the team →

Who this is for

What people use Stablebonds for.

Savers

Hold the government's own paper directly, with a wallet instead of a brokerage account.

Join the waitlist →

Businesses and treasuries

Put idle peso balances to work between payment cycles, including remittance and payroll float, in a corridor that brought in a record $3.35 billion in a single quarter.

Talk to the team →

Builders and payment platforms

Settle in pesos onchain with sovereign collateral sitting behind the balance, in a market that already moves tens of billions in crypto a year.

Read the docs →

Our Colombia standing

Etherfuse CO

Standing published at launch.

Etherfuse is completing its Colombian setup. Regulator, standing and public record are published at launch.

Structure chain

Issuer of paperMinistry of Finance

PlacementPrimary auction

CustodyRegulated local custody

Token issuerEtherfuse

HolderYou

Regulatory standing

Regulator

Superintendencia Financiera de Colombia

Standing

At launch

Authorised activity

At launch

Public record

At launch

Challenging markets are the product.

Anyone can tokenize a US Treasury. We issue where the regulation is dense, the currency is local, and the counterparty has to be a real domestic institution. Colombia is the same argument as every other market we operate in.

Mexico, Brazil, Kazakhstan, the Philippines, Europe, the United Kingdom, the United States.

See all markets →Talk to the team

Local institutions

We work with domestic managers under domestic supervision, not offshore wrappers.

Local paper, local currency

The instrument is denominated in the currency the market actually earns and spends in.

We publish the score

Every market we issue in gets scored the same way, including the ones that score badly.

Our work on Colombia.

How we read this market.

All research →

AnalysisColombia makes sense

US yields jumped and emerging markets held. Colombian rates moved almost in step with Treasuries, on a 59% debt load and a central bank that moved early on inflation.

Read the analysis →