Trust & reserves

Trust & reserves

Stablebonds are designed to be transparent and fully backed.

Backing

Each Stablebond is backed 1:1 by the underlying government bond it represents.

Custody

The underlying bonds are held by regulated custodians — separate from Etherfuse — including institutions such as BBVA, Shinhan, and B3. Customer assets are kept distinct from Etherfuse’s own funds.

Proof of reserves

Etherfuse publishes independent proof-of-reserves attestations for each Stablebond, refreshed once a month, confirming that the assets held match what is owed to holders.

You can review the live reserves behind each Stablebond on its Held by page:

• CETES (Mexico)

• USTRY (United States)

• TESOURO (Brazil)

• GILTS (United Kingdom)

• EUROB (Eurozone)

• KTB (South Korea)

Each attestation is an independent, point-in-time statement. View an example attestation (PDF).

Compliance & audits

Etherfuse complies with applicable regulatory requirements and is audited by independent third parties. Key documents:

• Smart-contract audit (OtterSec) — a Rust program audit of the Stablebond smart contracts on Solana.

• Anti-money-laundering (AML) audit — performed by BHR ENW México Group, S.C.

• Proof-of-reserves audits — independent third parties attest that private holdings match publicly reported holdings.

• CNBV Statement of Fact — attesting that Etherfuse Tokens do not require authorization, registration, or concession by Mexico’s financial regulator.

• Tokenization under Swiss law — how Stablebonds are registered and regulated under Swiss law.

• Service Level Agreement, Customer Agreement, and Privacy Policy.

See all documents on the Compliance & Audits page.