---
title: "Real MXN (MXNe) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/mxne-real-mxn/"
description: "Build-time stablecoin profile for Real MXN (MXNe). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Real MXN (MXNe)

**Peg:** Mexican Peso

**Backing:** Real-World Asset Backed

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

Brale + Etherfuse MXN peso payment token on Base, Solana, and Stellar with issuer redemption; Base proxy-owner control flagged by CoinGecko and no public live reserve feed. MXNe is a Mexican peso token associated with Brale and Etherfuse, with CoinGecko price coverage and deployments on Base, Solana, and Stellar. The public description points to 1:1 MXN backing under regulated {{term:custody}}custody{{/term}} and issuer {{term:redemption}}redemption{{/term}}, so the model is closer to a fiat-reserve payment token than a crypto CDP. The main caveat is control risk: the Base contract has proxy-owner concerns in CoinGecko's token-risk metadata, and no live reserve feed or independent {{term:attestation}}attestation{{/term}} cadence is currently public.

## Collateral

Backed by Etherfuse CETES Stablebonds — short-duration (~7-day) Mexican federal government Treasury bills (CETES), held across regulated Mexican custodians with a majority at BBVA Mexico and held through INDEVAL; reserves segregated from Etherfuse corporate funds, issued via Brale's regulated US stack

## Peg Mechanism

Issuer-managed mint and redemption through Brale onboarding, with MXNe intended to remain redeemable 1:1 for the equivalent value of Mexican pesos and usable for payments, remittances, and payroll

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| United States | FinCEN / state money transmitter regulators | Money Services Business / Money Transmitter, NMLS ID #2376957 |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| base | `0x269cae7dc59803e5c596c95756faeebb6030e0af` | 6 |
| solana | `6zYgzrT7X2wi9a9NeMtUvUWLLmf2a8vBsbYkocYdB9wa` | 9 |
| stellar | `MXNe-GCQCNWT22JDLENQAVIE6DRJGHWAQ6EX2H5ABGPV55EJUPPZM5UA7KHZR` | 7 |

## Live Data

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