# Ketju research: Etherfuse Stablebonds (CETES, USTRY, TESOURO, KTB, GILTS, EUROB)

- URL: https://riadefi.com/rejections/etherfuse-stablebonds/
- Research assessment: adverse
- Client selection: not considered
- Exposure: tokenized RWA
- Reviewed: 2026-09-23
- Next review: 2027-03-23

## Research summary

A Stablebond is not a bond. It is a claim against a small Mexican company, Etherfuse MX, on the nominal value of government bonds that company buys with the holder’s money and keeps in its own accounts at Mexican brokers. The token is issued by a sister company, Etherfuse Liquid MX, as a ledger-based security under Swiss law, with each bond’s Solana mint as the register. Six bonds are live: Mexican CETES, US Treasuries (USTRY), Brazilian Tesouro, Korean KTB, UK gilts and euro bonds. On 23 September 2026 Etherfuse’s own feed put them at about $18 million, $12.4 million of it USTRY and $4.8 million CETES.

The holder’s protection is contract and Mexican insolvency law, not a trust, a fund or a regulator. Mexico’s securities regulator told Etherfuse in 2024 that the tokens are not securities and that the business needs no licence; the customer agreement says no Mexican financial authority supervises it. The bonds are not held in the holders’ names. If Etherfuse fails, holders must go to a Mexican court and ask to separate the assets from the estate.

We reject it. The holder terms bar US persons, which ends the question for our clients. Apart from access, a holder takes the credit risk of an unsupervised company, the currency risk of the bond, and control keys that sit with Etherfuse: a 3-of-5 multisig can upgrade every EVM copy, and one key can upgrade the Solana programs that mint.

## Observable review triggers

- Etherfuse opens the Stablebonds to US persons under a registration or exemption
- Etherfuse moves the bonds into a trust, fund or segregated account in the holders’ name, or a regulator takes on supervision
- An attestation shows reserves below the tokens in issue, or attestations stop
- The Solana program upgrade key, the Stellar issuer flags, or the EVM owner Safe changes
- The customer agreement or a registration agreement is replaced

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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