How on-chain purchases & redemptions work

Last updated: June 11, 2026

How on-chain purchases & redemptions work

You can buy and redeem Stablebonds directly on-chain using a stablecoin such as USDC — no bank account needed. How each one is filled depends on the network.

Buying on-chain

Buying a Stablebond on-chain is usually instant — you pay with a stablecoin such as USDC and receive your Stablebond tokens in your wallet right away.

On Solana

Purchases are filled from prefunded liquidity: Etherfuse keeps a ready supply of Stablebond tokens, scaled up or down with demand, so your purchase is delivered the moment you buy.

If a Stablebond does not have enough prefunded liquidity to fill instantly, you can buy through a purchase order instead. It mirrors the redemption payout cycle: your funds settle into the current issuance and you mint your tokens once it settles — up to about T+5. As with redemptions, a purchase order placed after the issuance cutoff rolls into the following week.

On Stellar, Base, Monad & Polygon

Purchases are filled from market liquidity. When there is enough liquidity in the relevant market — for example, a USDC↔CETES market — your swap completes immediately. If there isn’t enough liquidity, you’ll see an “Insufficient Liquidity” message until more becomes available.

Step by step

  1. Choose your asset and amount. Pick the Stablebond you want and how much to buy.

  2. Pay with a stablecoin. Pay on-chain with a stablecoin such as USDC.

  3. Receive your tokens. When liquidity is available, your Stablebond tokens arrive right away and begin earning yield as you hold them (see How Stablebond yield works).

Redeeming on-chain

Redeeming a Stablebond returns its value to you on-chain. How a redemption is filled also depends on the network.

On Solana

Redemptions settle on a weekly schedule. You hand in your Stablebond tokens (for example, CETES) and receive a redemption receipt in your wallet that records what you are owed. Each issuance is paid out once a week — currently on Thursdays, around noon MST — and after that payout you claim your proceeds. In the worst case this takes up to about T+5.

Each issuance has a cutoff shortly before its payout: request before the cutoff to be included in that week’s payout, or your redemption rolls into the following week.

On Stellar, Base, Monad & Polygon

Redemptions are filled from market liquidity. When there is enough liquidity in the relevant market — for example, a CETES↔USDC market — your redemption completes immediately. If there isn’t enough liquidity, you’ll see an “Insufficient Liquidity” message until more becomes available.

Cashing out to a bank

To turn your proceeds into local currency in your bank account, use an off-ramp — typically same day, up to T+1 (see How on-ramps & off-ramps work).