Eligibility file · Note

Etherfuse Stablebonds (credit claims on sovereign bonds bought through Mexican brokers: CETES, USTRY, TESOURO, KTB, GILTS, EUROB)

What the client owns

A credit claim against Etherfuse MX on the nominal value of the bonds it bought with the holder’s money, paid out as yield and as the bond’s value at maturity. The holder does not own the bonds. Issuer direct: The on-chain record is the securityholder file; the holder is the registered owner.

Who may hold it

Not offered to US persons. First purchase minimum not stated. The holder terms bar US persons under Regulation S, and the customer agreement bars use from countries on the FATF grey and black lists. Etherfuse verifies each customer before it opens an account. Only a verified customer may buy from Etherfuse, take the yield, or claim the bond’s value. A wallet that bought on a secondary market holds the token but must pass the same check to claim. The documents state no purchase minimum. On Base, Etherfuse’s own guide tells integrators to sell at least about 50 CETES at a time, because the fee may not exceed half the order.

Who can freeze or claw back

Solana CETES: can mint. Keys: mint authority A6nFyQ…tHYP.
Stellar CETES: can mint, change the code.
Base CETES: can change the code. A 3-of-5 multisig can pause transfers. A 3-of-5 multisig, through a contract, can change the code with no delay.
Polygon CETES: can change the code. A 3-of-5 multisig can pause transfers. A 3-of-5 multisig, through a contract, can change the code with no delay.
Monad CETES: can mint, change the code. A 3-of-5 multisig can pause transfers. A 3-of-5 multisig, through a contract, can change the code with no delay.

How a holder redeems

Redeem with the fund at NAV by the daily cutoff. A verified customer sells the token back to Etherfuse at NAV through its app or ramp API and is paid in pesos to a registered Mexican bank account (CLABE). Mexico is the only live fiat rail; Etherfuse lists Brazil, Korea and Argentina as coming. Tokens held on Base, Polygon or Monad are bridged back as part of the sale, 20 bps fee. Settles in MXN.

This file replaced an earlier version on 2026-09-24. Superseded to settle the Monad powers the file had marked unverified. The Monad contract matches the verified Base contract apart from the LayerZero endpoint it was built with: it keeps no holder list, cannot freeze, pause, or claw back on Monad. Earlier versions.

Subscribers see which of their clients hold this program and whether each household qualifies under these terms, and Ketju emails them when the file changes. $299 per firm per month, first 30 days free.

The verdict is on the memo: Etherfuse Stablebonds (CETES, USTRY, TESOURO, KTB, GILTS, EUROB) Not approved

Issuer

Etherfuse Liquid MX, S.A.P.I. de C.V. (Mexico City; RFC ELM221209MY6) issues the tokens as Swiss ledger-based securities; Etherfuse MX, S.A. de C.V. (Mexico City) buys and holds the bonds through Mexican brokers, owes the holder’s credit claim, and administers the securities ledger; the CNBV supervises neither

Registration

Regulation S, offshore

Official record

Etherfuse MX, S.A. de C.V. (administrator of the securities ledger; the registration agreement names each bond’s Solana mint as the ledger)

Instruments

CETES USTRY TESOURO KTB GILTS EUROB

Chains

Solana, Stellar, Base, Polygon, Monad

Reviewed

2026-09-24

Next review

2027-03-23

Eligibility

Each answer quotes the issuer’s own words from the document named under it. Ketju reads each document again and records whether the words are still there. Where the documents say nothing, the row states that.

What the holder owns

A credit claim against Etherfuse MX on the nominal value of the bonds it bought with the holder’s money, paid out as yield and as the bond’s value at maturity. The holder does not own the bonds.

“grants the Customer the individual credit right on nominal value of the Securities that are acquired in the context of the preceding clause”

Etherfuse, Agreement for the Provision of Services and Commercialization of Tokens (plain text) · Clause Four, 4.5 · words found 2026-09-23

Who may hold it

Non-US persons only, after Etherfuse’s own identity check; residents of FATF grey- and black-list countries are excluded.

“The Holder is not a U.S. Person as defined in Rule 902(k) of Regulation S”

Etherfuse, Terms & Conditions: U.S. Securities Law Regulations, Representations and Restrictions · Non-US. · words found 2026-09-23

First purchase minimum

The documents state no purchase minimum; Etherfuse’s Base guide advises selling at least about 50 CETES at a time.

Not stated in Etherfuse, Agreement for the Provision of Services and Commercialization of Tokens (plain text), Etherfuse, Terms & Conditions: U.S. Securities Law Regulations, Representations and Restrictions, Etherfuse: Stablebonds product page, Etherfuse developer docs: Base.

Who it may be transferred to

Tokens move freely on chain, but only a new owner who has a contract with Etherfuse may claim the yield or the bond’s value.

“may be exercised solely and exclusively by the new owner of the Token who complies with the terms and conditions for maintaining a contractual relationship with Etherfuse® Liquid and Etherfuse®”

Etherfuse, Agreement for the Provision of Services and Commercialization of Tokens (plain text) · Clause Two, 2.4 · words found 2026-09-23

How a holder redeems

Verified customers sell back to Etherfuse at NAV on any business day, paid in pesos or swapped for USDC.

“Stablebonds can be redeemed for fiat at NAV any business day. No lock-ups, no gates.”

Etherfuse: Stablebonds product page · Institutional-grade custody: Redemption · words found 2026-09-23

Who keeps the official record

Each bond’s Solana mint is the Swiss securities ledger, and the holder’s entitlement comes only from it; the registration agreement does not name the Stellar or EVM copies.

“The entitlement to the securitized Instruments exclusively results from the Securities Ledger.”

Etherfuse (CETES) Registration Agreement, prepared by MME Legal (plain text linked from the token metadata) · Establishment (Errichtung) und effects (Wirkung) · words found 2026-09-23

What the issuer says it can freeze or take back

No freeze or clawback on Solana or Stellar. The ledger administrator may pause all transactions during a technological change. On the EVM copies, a 3-of-5 Safe can upgrade the contract and pause bridge routes.

“The administrator of the Securities Ledger may pause all transactions related to the ledger-based securities in case of any technological change to ensure the functionality of the Securities Ledger”

Etherfuse (CETES) Registration Agreement, prepared by MME Legal (plain text linked from the token metadata) · Miscellaneous · words found 2026-09-23

Fact	Answer
Who onboards the holder	issuer
Voting rights	None
Distributions	reinvested
SIPC coverage of the wallet	No

What the issuer publishes

Ketju read these figures from the issuer’s own feed at api.etherfuse.com, as of 2026-09-24. Ketju reads the feed daily and sends an alert when the market quote moves away from the published NAV.

CETES NAV 1.1823 MXN per token.
USTRY NAV $1.0751 per token.
TESOURO NAV 1.2585 BRL per token.
KTB NAV 1.0151 KRW per token.
GILTS NAV 1.0690 GBP per token.
EUROB NAV 1.0299 EUR per token.

Who controls it

Ketju read these powers from the deployed contracts and their verified source code: the token and every contract it checks on a transfer. A power listed here is something the issuer can do; it does not mean the issuer has used it.

Token	Chain	Freeze a holder	Pause	Claw back	Gate holders	Change the code	Keys held by
CETES	Solana	No	No	No	No	No	mint authority A6nFyQ…tHYP
CETES	Stellar	No	No	No	No	Yes	issuer GCRYUGD5NVARGXT56XEZI5CIFCQETYHAPQQTHO2O3IQZTHDH4LATMYWC
CETES	Base	No	No	No	No	Yes	A 3-of-5 multisig can pause transfers. A 3-of-5 multisig, through a contract, can change the code with no delay.
CETES	Polygon	No	No	No	No	Yes	A 3-of-5 multisig can pause transfers. A 3-of-5 multisig, through a contract, can change the code with no delay.
CETES	Monad	No	No	No	No	Yes	A 3-of-5 multisig can pause transfers. A 3-of-5 multisig, through a contract, can change the code with no delay.

Who holds the keys

Ketju read every current holder of each power from the chain on 2026-09-24. A single key is one private key, and whoever holds it acts alone. A multisig needs the stated number of signers. A timelock delays every action, so holders can see it before it takes effect.

Token	Chain	Key	What it can do	Held by	Address
CETES	Solana	Mint authority	mint new tokens	a 1-of-2 multisig	A6nFyQ…tHYP
CETES	Stellar	Issuer account	mint new tokens	a single key	GCRYUG…MYWC
CETES	Base	Owner	grant and revoke these powers, pause transfers	a 3-of-5 multisig	0x14b9…27d7
CETES	Base	Proxy admin	change the code	a contract run by a 3-of-5 multisig	0x3229…2ca8
CETES	Polygon	Owner	grant and revoke these powers, pause transfers	a 3-of-5 multisig	0x14b9…27d7
CETES	Polygon	Proxy admin	change the code	a contract run by a 3-of-5 multisig	0x3229…2ca8
CETES	Monad	Owner	grant and revoke these powers, pause transfers	a 3-of-5 multisig	0x14b9…27d7
CETES	Monad	Proxy admin	change the code	a contract run by a 3-of-5 multisig	0x3229…2ca8

Solana CETES: 2 contract reads, 0 functions in verified source, 2026-09-23

Read from the chain

mintAuthority=A6nFyQb2ywFZe23yEC4JQtLLe9aLXtt7EUAD8MFftHYP
freezeAuthority=null

Stellar CETES: 4 contract reads, 0 functions in verified source, 2026-09-23

Read from the chain

auth_required=false
auth_revocable=false
auth_immutable=false
auth_clawback_enabled=false

Base CETES: 3 contract reads, 1 function in verified source, 2026-09-23

Read from the chain

eip1967.implementation=0x39e85a42188060575b6ee77380fe1007c21b5988
eip1967.admin=0x322922f0e1675a8e7be2a38b0636a7c184082ca8
owner()=0x14b928243340033db1abad1adab4727c11d027d7

Read from verified source

upgradeTo in verified source 0x39e8…5988

Polygon CETES: 3 contract reads, 1 function in verified source, 2026-09-23

Read from the chain

eip1967.implementation=0x8a17c3830a8e77a5b2f9d9932b6e99ea5c8bcd5a
eip1967.admin=0x322922f0e1675a8e7be2a38b0636a7c184082ca8
owner()=0x14b928243340033db1abad1adab4727c11d027d7

Read from verified source

upgradeTo in verified source 0x8a17…cd5a

Monad CETES: 5 contract reads, 1 function in verified source, 2026-09-24

Read from the chain

eip1967.implementation=0xbb6e3bb8ec0ccaf523403bd5d35918b8a5de0d7c
eip1967.admin=0x322922f0e1675a8e7be2a38b0636a7c184082ca8
owner()=0x14b928243340033db1abad1adab4727c11d027d7
codehash(0x834df4c1d8f51be24322e39e4766697be015512f)=0xbea7d6a3ec3c0b8a8438172d49b596f8a277166c16432eadaf2775c0a619593a=codehash(8453:0xc2c1f8eb98c0468be0232dd4166705d0dea3fe31)
codehash(0xbb6e3bb8ec0ccaf523403bd5d35918b8a5de0d7c)=0x632abe88f8e7eb7bc671cf89cb067499719f2c9b5e37dc7d4ff8055d721ba8ff=codehash(8453:0x39e85a42188060575b6ee77380fe1007c21b5988)

Read from verified source

abi:twin:143:0xbb6e3bb8ec0ccaf523403bd5d35918b8a5de0d7c=8453:0x39e85a42188060575b6ee77380fe1007c21b5988#upgradeTo

Where it trades

Venue	Kind
Etherfuse app and ramp API (verified customers only; bought with pesos or USDC)	issuer primary

Redemption

Route	Settlement	Fee	Settles in
Redeem with the fund at NAV by the daily cutoff	A verified customer sells the token back to Etherfuse at NAV through its app or ramp API and is paid in pesos to a registered Mexican bank account (CLABE). Mexico is the only live fiat rail; Etherfuse lists Brazil, Korea and Argentina as coming. Tokens held on Base, Polygon or Monad are bridged back as part of the sale.	20 bps	MXN
Redeem with the issuer in its window	A verified customer swaps the token for USDC through Etherfuse’s swap service at a quoted rate.		USDC

Review triggers

The owner Safe 0x14b928243340033db1abad1adab4727c11d027d7 upgrades an EVM Stablebond, changes a LayerZero peer, or pauses a bridge route
The Stellar issuer GCRYUGD5NVARGXT56XEZI5CIFCQETYHAPQQTHO2O3IQZTHDH4LATMYWC sets auth_revocable or auth_clawback_enabled
The upgrade authority of Etherfuse’s Solana stablebond program changes, or a mint gains a freeze authority or permanent delegate
Etherfuse replaces the customer agreement or a registration agreement, or names a different issuer
The CNBV revisits Resolution P090/2024, or Etherfuse obtains a licence in Mexico, Kazakhstan or elsewhere
An attestation report shows reserves below the tokens in circulation, or attestations stop
Etherfuse opens the Stablebonds to US persons

Daily checks

Every day Ketju reads each control function in the table above and the contracts the token checks on a transfer. Ketju compares the token’s on-chain supply with yesterday’s, and its market quote with the issuer’s published NAV. Ketju also reads every document quoted above and reviews the file again if a quoted passage disappears from its document. Ketju counts a new, removed, or changed key as a change only when the chain’s own log shows the grant, revocation, or signer change since yesterday. If the log does not show it, Ketju updates the key list in this file and does nothing more. A change opens a review before any client action. Subscribers get an email that names each of their clients who hold the token, with the household result.

File history

Ketju has revised this file once since filing it. Ketju keeps each earlier version as published, with the reason for the change.

Date	Change
2026-09-23	Filed.
2026-09-24	Revised. Superseded to settle the Monad powers the file had marked unverified. The Monad contract matches the verified Base contract apart from the LayerZero endpoint it was built with: it keeps no holder list, cannot freeze, pause, or claw back on Monad.

Sources

Etherfuse (CETES) Registration Agreement, prepared by MME Legal (plain text linked from the token metadata) · primary · accessed 2026-09-23
Supports: issuer Etherfuse Liquid MX, S.A.P.I. de C.V., administrator Etherfuse MX, S.A. de C.V., Solana mint is the securities ledger under CO 973d, entitlement results only from the ledger, freezing n/a; administrator may pause for a technological change, issuer may migrate the ledger
Etherfuse, Agreement for the Provision of Services and Commercialization of Tokens (plain text) · primary · accessed 2026-09-23
Supports: credit right on nominal value of the securities bought, funds received in administration, claims only by a new owner who keeps a relationship with Etherfuse, claim at maturity paid within 3 business days, KYC and FATF grey and black list exclusion, CNBV Resolution P090/2024; no CNBV supervision
Etherfuse, Terms & Conditions: U.S. Securities Law Regulations, Representations and Restrictions · primary · accessed 2026-09-23
Supports: holder is not a US person (Regulation S), company will not register a transfer that breaks the restrictions, one-year restricted period
Etherfuse legal overview: Asset Security · primary · accessed 2026-09-23
Supports: bonds held at BBVA México, Actinver and Kuspit, separation of assets under Ley de Concursos Mercantiles art. 70, unnamed third-party attestations
Etherfuse legal overview: Legal FAQs · primary · accessed 2026-09-23
Supports: Etherfuse MX incorporated 7 June 2023, reverse solicitation, Swiss registration agreement by MME Legal
Etherfuse legal overview: Stablebonds Overview · primary · accessed 2026-09-23
Supports: NAV claim, not pegged, fee 0.25% to 1.5% of yield
Etherfuse: Stablebonds product page · primary · accessed 2026-09-23
Supports: redeem for fiat at NAV any business day, five marketed bonds; chains
Etherfuse public API: GET /lookup/stablebonds · primary · accessed 2026-09-23
Supports: token addresses on every chain, supply and NAV per bond
Etherfuse developer docs: Base · primary · accessed 2026-09-23
Supports: offramp at least about 50 CETES on Base
Etherfuse CETES token metadata (linked from the Solana mint) · primary · accessed 2026-09-23
Supports: registration agreement linked on chain, customer agreement linked on chain
Stablebond OFT implementation on Base (Sourcify exact match) · primary · accessed 2026-09-23
Supports: LayerZero OFT; pause() blocks outbound bridge routes only, owner sets peers and rate limits

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