CETES, issued by Etherfuse Mx, S.A. de C.V., is a tokenized government-debt instrument (Stablebond) that represents a credit right against the nominal value of Mexican sovereign bonds held through regulated custodians, rather than direct ownership of the bonds [S1][S2].

Each token tracks Certificados de la Tesorería de la Federación (CETES), Mexican federal treasury bills, with yield sourced from the underlying instrument [S1][S3]. Returns accrue through rising token price rather than periodic distribution, reflecting interest accumulated until maturity, with rates set through government auctions [S3]. Holders bear a variable fee tied to yield: 0.25% below 4.5%, scaling to 1.5% at or above 10%, plus a 0.5% Mexican withholding on interest [S1].

Etherfuse Mx, S.A. de C.V., incorporated in Mexico on June 7, 2023, issues the tokens, while Etherfuse Liquid Mx, S.A.P.I. de C.V. obtained the regulatory resolution [S2]. Under CNBV (Comisión Nacional Bancaria y de Valores) Resolution P090/2024, the tokens "do not constitute Securities" and require no authorization [S2][S4]. The holder's claim arises under a Mexican mercantile commission arrangement [S2][S5]. Access is restricted from 23 jurisdictions including the United States, with KYC onboarding required [S1][S6]. Funds are held in administration and are bankruptcy-remote under Articles 70 to 72 of the Ley de Concursos Mercantiles [S5].

Stablebonds are issued natively on Solana and made available across Stellar, Base, Polygon, and Monad via bridge [S6][S3]. Holders purchase and redeem using USDC, with instant redemption carrying a 10 basis point fee where liquidity exists, or early sale on secondary venues including Jupiter, Orca, and Soroswap [S3]. Solana programs were audited by OtterSec on October 22, 2024 [S4].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://app.etherfuse.com/legal/stablebonds-overview" },
    { id: "S2", url: "https://app.etherfuse.com/legal/legal-qa" },
    { id: "S3", url: "https://app.etherfuse.com/bonds/cetes" },
    { id: "S4", url: "https://app.etherfuse.com/legal/compliance-and-audits" },
    { id: "S5", url: "https://app.etherfuse.com/legal/asset-security" },
    { id: "S6", url: "https://etherfuse.com/" },
  ]}
/>


# Asset TVL methodology

## 1. Overview

Asset TVL is calculated as the total value of a specific asset deposited into onchain applications, broken out by the protocol and product (venue) where it is deposited. This metric is utilized as a leading indicator of an asset's utility as productive collateral or liquidity across decentralized finance (DeFi). Currently integrated venues are comprised of lending markets such as Aave, Spark, Morpho, Venus, Kamino, and Flux, as well as DEX liquidity and vault products on Uniswap, Aerodrome, Orca, Raydium, xSwap, Mamo, Meteora, Instadapp, PancakeSwap, and Pendle. Coverage is expanded continuously as additional protocols and venues are integrated into the data pipeline.

## 2. Data sources

- **EVM chain events**: Protocol-specific TVL delta records, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Protocol-specific TVL delta records, covering Solana
- **Asset metadata**: Token addresses, symbols, and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract daily TVL deltas

- **Purpose**: Retrieve the daily change in deposited asset quantities across integrated protocols and products.
- **Logic**: On EVM-compatible chains, daily net changes in asset balances are extracted from protocol-specific TVL pipelines. On Solana, daily net changes are similarly extracted from protocol-specific instruction pipelines. These changes are derived from the net result of deposits, withdrawals, mints, burns, and other balance-altering actions within each venue. The extracted records are grouped by timestamp, protocol, chain, product, token symbol, and token address.
- **Key fields**: `timestamp` (date of the record) `amount` (daily net change in asset quantity) `token_address` (onchain address of the asset) `product` (specific product or pool within the protocol) `protocol` (identifier of the protocol)

### Component B: Calculate cumulative TVL and fill missing days

- **Purpose**: Compute the running balance of each asset and ensure continuous daily coverage.
- **Logic**: The daily net changes are aggregated chronologically using a cumulative sum partitioned by protocol, chain, product, and asset to determine the total balance of the asset held in each venue over time. For days where no balance-altering events are recorded, the last known cumulative balance is carried forward to ensure a continuous daily time series.
- **Key fields**: `timestamp` (date of the record) `tvl` (cumulative asset balance)

### Component C: Map assets and convert to USD

- **Purpose**: Map token addresses to unique asset identifiers and convert the cumulative balances to USD.
- **Logic**: Token addresses are mapped to unique asset identifiers using a deduplicated asset registry to prevent data duplication. The cumulative asset quantities are normalized by decimal precision retrieved from asset metadata. The normalized balances are then multiplied by end-of-day price feeds to calculate the final USD value.
- **Key fields**: `timestamp` (date of the record) `tvl` (final cumulative asset balance in USD) `price_usd` (end-of-day price of the asset)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

DeFi total value locked (TVL)

Value of the asset deposited into onchain venues (lending markets, DEX pools, vaults), broken out per venue.

DeFi TVL

Tokenized funds

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Real-world asset (RWA) issuers

Etherfuse

Etherfuse CETES (CETES) is a tokenized fund share issued by Etherfuse through Etherfuse Liquid MX, S.A.P.I. de C.V.

Each token is a direct claim on the issuer.

The fund is open-ended, invests in U.S. government debt, keeps its assets in accounts segregated within a bankruptcy-remote structure, locks up subscriptions for 0 months, and charges a 0.63% annual management fee.

Its assets sit with BBVA México, Actinver Casa de Bolsa, Kuspit Casa de Bolsa, Casa de Bolsa BASE, and INDEVAL, with BHR México as auditor.

Retail investors and institutions can subscribe and redeem in USDC after completing KYC, and holders have a right to redeem at net asset value.

Etherfuse Liquid MX, S.A.P.I. de C.V. is incorporated in Mexico, is offered under an SEC Regulation S exemption, and is structured under the Swiss DLT Act.

Holder terms are governed by the law of Mexico.

CETES has been issued on public blockchains since April 2024 and is native to Solana, Stellar, Base, Polygon, and Monad.

Etherfuse CETESCETES