Markets / Mexico

This is Mexico.

The market that proved the model.

Etherfuse issues CETES onchain, a tokenized claim on Mexican federal treasury certificates, in the market where we did the regulatory work first.

View the instruments →Read the Mexico analysis

Pancho Villa

CETESLive

Token yield

Live rate

MXN denominated · Treasury certificates

MEXeLive

Redemption

1 : 1

MXN token · Backed by CETES

Token yield

Live rate

CETES APY, pulled from the API

Sovereign rating

Baa3 / BBB / BBB-

United Mexican States · Moody's / S&P / Fitch

Chains

Solana, Polygon, Base, Stellar, Monad

Chains CETES runs on today

Four years building the most complete Stable solution in Mexico

Four years of issuance in one market, under one regulator, and a structure that now runs in six sovereign markets. Everything Etherfuse does elsewhere was cleared and built here first.

Live onchain since

2024

CETES live onchain since.

Markets

Sovereign markets now run the structure Mexico proved.

Custody

BBVA

Reserve custodian for CETES in Mexico.

CETES outstanding

85M

The largest Stablebond we issue.

Mexico is not a pilot. It is the market the rest of the company was built from.

USD ↔ MXN

Stop losing a percentage on every peso you move.

Businesses earning in dollars and spending in pesos treat FX as a cost of doing business. It does not have to be one. Etherfuse runs SPEI on and off ramps in Mexico, so pesos reach the chain and leave it without a correspondent bank in the middle.

Traditional railsEtherfuse

Cost2 to 5%20 bps, falling to 5 by volume

Settlement1 to 3 daysSeconds

HoursBusiness hours, weekdays24 / 7 / 365

Idle balanceEarns nothingCan be held in CETES

Pricing as published in the support centre. Volume tiers apply.

$35 million of annual conversions costs roughly $1.25 million through a bank. The same volume costs roughly $105,000 here.

Peso to CETES ramping is free, and the corridor is priced close to cost on purpose. The rail is not where we make our money. It is what makes the asset reachable, and reachable is what turns a treasury certificate into something a payments company, a lender or a card programme can build on.

Cards and spending

Run a card programme where the settlement balance earns instead of sitting idle, and where a user spends against a peso position without unwinding it.

Cross border treasury

Collect in dollars, hold reserves in pesos, pay expenses in the operating currency, all through one API.

Yield on float

Balances between transactions hold sovereign peso yield rather than a bare stablecoin, with no currency mismatch to manage.

In production

Mexican lenders, payment platforms and card programmes already run on this corridor. Baubap, with more than two million customers, holds user reward balances as tokenized CETES on it.

See FX pricing →Read the docs

Perfect on every measure.

Mexico is the only market Etherfuse covers that scores a point on all five measures, and the only one where we hold guidance from the local regulator. Figures per the Etherfuse country scoring note, August 2026.

Etherfuse sovereign score

5of 5

A point on all five measures.

Government debt to GDP

45%

Down from 53% in 2022.

Annual inflation

3.37%Falling

Down from a 4.6% March peak.

Benchmark rate

11%6.5%

Cut steadily since April 2024.

Caveat

Unemployment has been rising, and a weaker labour market is the quickest route back to the inflation Mexico just brought down.

-0.4%of GDP, close to zero

+4.4%since 31 March 2026

Mexico is the only market Etherfuse covers that takes a point on all five measures, and the only one where we hold guidance from the local regulator.

The instruments

Mexico's treasury certificates, tokenized. And a peso that holds them.

Two instruments, one backing. Read the structure before the rate.

CETESLiveCertificados de la Tesorería de la Federación

CETES: Mexican treasury certificates, tokenized

Sovereign debt, tokenized. Income accrues into the token's value. No coupon, no maturity date for you.

Short dated paper issued by the Mexican federal treasury, held in regulated custody and represented onchain at net asset value. Certificates mature on a weekly cycle and proceeds roll into newly issued paper, so exposure stays short and continuous.

Backed by

Held in regulated custody with named institutions. Reserves attested monthly by a third-party firm and published.

Liquidity

No lock-up. Redemption is instant within the liquidity float and T+1 beyond, during market hours.

Access

No minimum and no institutional ticket. Buy any amount from the app.

Token APY is MXN-denominated and differs from the reference rate. NAV may rise or fall.

Live rate

Token yield, pulled from the API

Market reference

6.25% p.a.
CETE 28d · Banxico auction 15 Sep 2026

View CETES in the app →Read the structure

Read first

CETES is a claim on Mexican treasury certificates. It earns what those certificates earn, and its value moves with them. It is not a Mexican peso stablecoin and it does not hold a fixed value of one peso. Read the structure before the rate.

MEXeLiveEtherfuse peso principal token

A peso token, held one to one, backed by CETES rather than by bank deposits.

A peso token issued by Etherfuse. Each unit is backed by CETES held in a vault, redeems one to one against the peso, and moves on Solana, Base and Stellar. The certificates behind it accrue, and that accrual stays with the vault rather than passing to the holder.

Backing

CETES held in a vault

Currency

MXN

MEXe is issued by Etherfuse. It is not MXNe, which is issued by Brale and runs on Etherfuse Stablebonds.

1 : 1

Redeems against the peso

Settlement

Solana · Base · Stellar
No yield to the holder

Talk to the team →

Read first

CETES is a claim on Mexican treasury certificates. It earns what those certificates earn, and its value moves with them. MEXe is a peso token backed by those same certificates, and it does not pass that yield to the holder.

Who this is for

What people use this for.

Savers

Hold the government's own paper without a brokerage account standing in the way.

Open the app →

Businesses and treasuries

Put peso balances to work between transactions instead of leaving them flat, and move between pesos and dollars on the same rails.

Talk to the team →

Builders and payment platforms

A peso rail and a peso yield asset on one API, with SPEI on and off ramps behind both.

Read the docs →

Our Mexico standing

Etherfuse MX

Authorised. Supervised. On the record.

Five years of regulatory work in Mexico, and guidance from the CNBV to issue onshore rather than through an offshore wrapper. Mexico is the market where the structure every other Etherfuse market uses was first built and cleared.

Structure chain

Issuer of paperSecretaría de Hacienda

PlacementBanxico primary auction

CustodyRegulated Mexican institutions

Token issuerEtherfuse Mx

HolderYou

Regulatory standing

Regulator

Comisión Nacional Bancaria y de Valores

Standing

CNBV guidance to issue onshore in Mexico

Structure

No fund, no trust, no fideicomiso. Certificates are bought on your instruction and held in administration.

What you hold

An individual credit right over the nominal value of the certificates bought for you

Access for Mexico

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. Mexico is where we proved that.

Brazil, Kazakhstan, 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.

Regulatory work first

Five years with the CNBV before the first token moved. The structure was cleared, then built.

More than one market

The same structure, issued market by market, wherever local paper is worth holding.