KTB, issued by Etherfuse Mx, S.A. de C.V., is a tokenized government bond, marketed as a Stablebond, that grants the holder a credit right against the nominal value of an underlying non-U.S. sovereign debt instrument [S1][S2].

KTB tracks a Korean Treasury Bond, with the holder's economic return sourced from the yield obtained on that underlying Financial Asset [S1][S3]. Return accrues through rising token price rather than periodic distribution, reflecting accumulated interest until maturity [S4]. Etherfuse applies a variable fee tied to the underlying yield (Y): 0.25% where Y is below 4.5%, scaling to 1.5% where Y reaches 10% or above, plus a Mexican withholding of 0.5% on interest [S1].

Etherfuse Mx, S.A. de C.V., incorporated in Mexico under public deed 46,971 dated June 7, 2023, issues the token; affiliate Etherfuse Liquid Mx, S.A.P.I. de C.V. obtained the regulatory resolution [S2]. Under Comisión Nacional Bancaria y de Valores (CNBV) Resolution P090/2024, the Tokens "do not constitute Securities" and need no authorization [S2][S5]. The holder's claim arises under a mercantile commission arrangement, not ownership of the bond [S2][S6]. Access is barred from 23 jurisdictions, including the United States [S1][S5]. Customer assets, held in administration through regulated Mexican custodians, are bankruptcy-remote and separable from Etherfuse's estate [S6].

KTB is issued natively onchain on Solana as a Rust program audited by OtterSec on October 22, 2024, and is available across Stellar, Base, Polygon, and Monad via bridge [S5][S3][S4]. Holders purchase with USD Coin (USDC) and redeem to USDC through instant redemption where liquidity exists, carrying a 10 basis point fee, or sell on secondary venues including Jupiter, Orca, and Soroswap [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://etherfuse.com/" },
    { id: "S4", url: "https://app.etherfuse.com/bonds/cetes" },
    { id: "S5", url: "https://app.etherfuse.com/legal/compliance-and-audits" },
    { id: "S6", url: "https://app.etherfuse.com/legal/asset-security" },
  ]}
/>


# Asset senders (daily) methodology

## 1. Overview

Asset senders (daily) is calculated as the number of unique addresses that initiate asset transfers within a fixed 24-hour window. Daily activity is measured from 00:00 UTC to 23:59 UTC for each tracked asset. Active transactors are isolated from passive recipients by identifying only the sending addresses of transactions. This metric is utilized to evaluate the daily active user base and transaction utility of tokenized assets across multiple blockchain networks.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions, covering Solana
- **Aptos, Cardano, Stellar Classic, and Sui events**: Token withdraw events, covering Aptos, Cardano, Stellar, and Sui
- **Near, Algorand, Injective, Ripple, and Stellar Soroban events**: Token transfer events, covering Near, Algorand, Injective, Ripple, and Stellar
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet, covering Polkadot Asset Hub
- **Asset metadata**: Token addresses and chain configurations

## 3. Step-by-step calculation

### Component A: Extract sender addresses

- **Purpose**: Identify and extract the unique sending addresses for each asset transfer across all supported chains.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from the `from` field of ERC-20 `Transfer` events, excluding the zero address to filter out mint transactions. On Solana, sending addresses are extracted from the authority address field of token transfer instructions. On Aptos, Cardano, Stellar Classic, and Sui, sending addresses are identified from the account address field of token withdraw events. On Near, Algorand, Injective, and Stellar Soroban, sending addresses are extracted from the sender address field of token transfer events, with null addresses excluded. On Ripple, sending addresses are extracted from token transfer events where the transfer value is negative. On Polkadot Asset Hub, sending addresses are extracted from the event data of `Transferred` events emitted by the `assets` pallet.
- **Key fields**: `timestamp` (block timestamp truncated to daily grain), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Consolidate and deduplicate sender data

- **Purpose**: Aggregate sender addresses across all chains and prepare the dataset for daily unique counting.
- **Logic**: Sender records from all individual chains are consolidated into a unified dataset. For each asset on each chain, the sending addresses are grouped by day. To prevent double-counting, duplicate sender addresses for the same asset on the same chain within the same 24-hour window are removed.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `sender_address` (unique sending address)

### Component C: Final aggregation

- **Purpose**: Calculate the final daily active sender count per asset and per chain.
- **Logic**: The consolidated dataset is aggregated to compute the daily active senders. Unique sending addresses are counted for each asset on a daily basis, both at the individual chain level and aggregated across all chains for multi-chain assets. If no transfer activity is recorded for a tracked asset on a given day, the daily sender count is filled with zero values.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `asset_dau` (daily active senders count)

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

Unique asset senders over a fixed 24-hour window.

Asset senders (daily)

Tokenized funds

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Real-world asset (RWA) issuers

Etherfuse

Etherfuse KTB (KTB) 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 government debt in Asia-Pacific excluding Japan, keeps its assets in accounts segregated within a bankruptcy-remote structure, locks up subscriptions for 0 months, and charges a 0.25% annual management fee.

Its assets sit with Shinhan Securities, with BHR México as auditor.

Retail investors and institutions can subscribe and redeem in USDC and instant subscription settlement 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 and is offered under an SEC Regulation S exemption.

Holder terms are governed by the law of Mexico.

KTB has been issued on public blockchains since January 2026 and is native to Base, Monad, Polygon, Solana, and Stellar.

Etherfuse KTBKTB