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.

How NAV is calculated

A Stablebond is reward-bearing: your token count never changes, but each token’s value — its NAV — rises continuously. The NAV accrues on-chain via the token’s interest-bearing extension, compounding at a rate Etherfuse updates weekly to track the underlying government bond’s yield.

When you buy or redeem, the currency conversion (for example USDC to MXN) uses an FX rate Etherfuse derives from multiple independent price feeds and cross-checks them against one another — delivered on-chain through oracle networks such as Switchboard and RedStone.

These mechanics run in Etherfuse’s on-chain Stablebond program, which has been independently audited by OtterSec and Highland Security.

Proof of reserves

Etherfuse publishes independent proof-of-reserves attestations for each Stablebond, performed monthly by a third party, 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 audits (OtterSec & Highland Security) — independent Rust program audits of the Stablebond smart contracts on Solana.

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

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

• 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.