---
title: "Etherfuse CETES (CETES) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/cetes-etherfuse/"
description: "Build-time stablecoin profile for Etherfuse CETES (CETES). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Etherfuse CETES (CETES)

**Peg:** Mexican Peso

**Backing:** Real-World Asset Backed

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

CETES is Etherfuse's tokenized Mexican T-bill fund accruing in MXN; FX risk on top of sovereign and issuer risk. CETES are Mexico's equivalent of {{term:treasury}}Treasury bills{{/term}} — zero-coupon sovereign debt auctioned weekly by the Ministry of Finance — and Etherfuse has tokenized them into a NAV-accreting instrument backed 100% by CETES with INDEVAL {{term:custody}}custody{{/term}}, institutional-regulated oversight under CNBV/IPAB/CONDUSEF, and {{term:attestation}}independent attestation{{/term}}. The BBB- sovereign rating is honest about where Mexico sits in the credit hierarchy — legitimate investment grade, but peso volatility means dollar-denominated exposure carries FX risk that doesn't appear in the APY headline. Deployed across four chains (Solana, Base, Polygon, Stellar), CETES tokens offer genuine access to Mexican sovereign debt for holders who can navigate the KYC-gated minting process. The {{term:yield-bearing}}yield{{/term}} is real and Banxico's rate cycle has kept CETES competitive globally — what the token hasn't resolved is which of its three dependencies (the peso, the sovereign, or the issuer) will cause the first inconvenient conversation. Functionally an {{term:rwa}}RWA{{/term}} sovereign-debt wrapper.

## Collateral

Short-term Mexican federal government bonds (CETES — Certificados de la Tesorería de la Federación), BBB- rated sovereign debt with maturities set by government auctions; held in segregated custody through INDEVAL (Instituto para el Depósito de Valores) via participating brokerages

## Peg Mechanism

NAV-accreting token; price starts near MXN 1.00 and appreciates continuously as zero-coupon CETES bonds discount to face value; bonds rolled at each maturity date; subscription and redemption through Etherfuse at current NAV; KYC required

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| Mexico | N/A | N/A |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| solana | `CETES7CKqqKQizuSN6iWQwmTeFRjbJR6Vw2XRKfEDR8f` | 6 |
| base | `0x834df4c1d8f51be24322e39e4766697be015512f` | 6 |
| polygon | `0x834df4c1d8f51be24322e39e4766697be015512f` | 6 |
| monad | `0x834df4c1d8f51be24322e39e4766697be015512f` | 6 |
| stellar | `CETES-GCRYUGD5NVARGXT56XEZI5CIFCQETYHAPQQTHO2O3IQZTHDH4LATMYWC` | 7 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/cetes-etherfuse.