Government bonds · CETES

CETES: Mexican government bonds with Lex and Etherfuse

Mexican government debt · Mexican pesos (MXN)

CETES trading is available in supported versions of Lex when a valid quote is available. Check your account’s access and the current terms in the app.

What is the underlying investment?

CETES stands for Certificados de la Tesorería de la Federación. These Mexican government securities are sold below their face value and repay that face value at maturity. The difference is the investor’s return before costs and taxes; they do not pay a regular coupon.

The Etherfuse token named CETES brings exposure to this market into a wallet. A token is not one individual government certificate, and its price is not fixed at one peso. Lex lets you hold the Base version alongside your currencies and other supported assets.

Why access can take extra steps

For an eligible person in Mexico, cetesdirecto is an accessible way to invest directly without account or transaction commissions. Its requirements include identification, CURP, RFC, and a Mexican bank account in your name. CETES are not reserved for wealthy investors.

The friction is greater when your money is already in a wallet or your financial life spans countries: you need to check eligibility, move money into the right account, and manage a separate investment platform. Lex brings the token purchase and the resulting holding into the same app. Issuer restrictions and verification requirements still apply.

What Etherfuse adds

Etherfuse creates Stablebonds backed by government debt. The token provides economic exposure to the backing assets under the issuer’s terms; Etherfuse handles the underlying investment and custody arrangements. Lex is the app where you manage the supported token in your self-custodial wallet.

Self-custody means you control the wallet holding the token. The underlying securities still rely on Etherfuse and its custodians. Read the product documents, reserve information, eligibility rules, and redemption terms before investing. A token transfer, a market sale, and redemption with the issuer are different operations.

Issuer or protocol: Etherfuse
Network: Base
Token contract: 0x834df4C1d8f51Be24322E39e4766697BE015512F

How value works

The token’s value reflects the underlying portfolio and accrued returns, rather than a fixed one-unit currency peg. Rates and portfolio values change. A market quote may differ from the issuer’s net asset value (NAV), and a yield shown today is not a guaranteed future return.

What to consider

Consider sovereign credit, interest rates, currency movements, issuer and custodian performance, smart contracts, and available trading liquidity. Selling can realize a loss, and fees and taxes reduce the amount you keep. This is an investment, not an insured bank deposit. Verify the network and contract shown on this page before transferring tokens; the same symbol on another network is not interchangeable.

An example to think through

Imagine you hold USDC but want part of your savings exposed to Mexican government debt. Open CETES in Lex and compare the token amount in the quote with the USDC you will spend. Later, compare a sell quote in USDC. A rise in the token’s peso value can be offset by a weaker peso, so a positive MXN return does not guarantee a positive USD return.

How to buy CETES in Lex

Download Lex, create your wallet, and complete any verification required for the funding method you use.
Add funds using an available bank route or receive USDC from another wallet on the network shown in Receive. In Mexico, a SPEI deposit credits wMXN; converting that balance to USDC is a separate quoted step.
Open Government bonds, choose CETES, and select Buy. Enter the USDC amount you want to exchange.
Review the CETES amount, total cost, minimum receipt, and quote expiry. Confirm only while the quote is valid. Your CETES holding appears in the same wallet after the trade completes.

To exit, open your CETES holding and request a sell quote. Selling returns USDC; withdrawing to a bank is a separate operation with its own availability and costs. If Lex cannot provide a valid quote, the trade is unavailable. Buying in Lex is a market trade, not a direct subscription or redemption with Etherfuse.

Sources and documentation

Information reviewed October 4, 2026.