Falcon Finance Adds Tokenized Mexican Government Bills as Collateral, Expanding Access to Global Sovereign Yield

Summary

• The integration brings Mexico’s short-term sovereign bills on-chain through Etherfuse’s tokenized CETES, giving USDf holders access to diversified, high-quality sovereign yield beyond the U.S. treasury market.
• Falcon Finance users can hold a diversified mix of tokenized assets — from equities to gold, Treasuries, and CETES, and use that portfolio as collateral to mint USDf. This allows them to keep their long-term exposures while unlocking liquidity and USDf-based yield.
• Falcon Finance has seen more than $700 million in new deposits and USDf mints since October, and recently surpassed $2 billion in circulation.

Falcon Finance, a universal collateralization layer that powers on-chain liquidity and yield generation, is expanding the USDf collateral base with the integration of CETES — the tokenized representation of short-duration Mexican sovereign bills issued by Etherfuse, a real-world asset (RWA) tokenization platform. This marks Falcon’s first non-USD sovereign-yield asset and a significant step toward globalizing its multi-collateral framework.

With CETES, Falcon expands USDf’s collateral foundation beyond the U.S. Treasury system, offering users exposure to sovereign yield in an emerging market while maintaining access to on-chain liquidity. This diversifies risk, expands the geographic footprint of Falcon’s collateral architecture, and brings real sovereign instruments from outside the U.S. into the DeFi economy.

CETES are tokenized through Etherfuse’s Stablebonds architecture, a bankruptcy-remote, transparently structured instrument backed 1:1 by short-term Mexican government debt. The tokens are issued natively on Solana, enabling high-frequency minting, instant settlement, and full on-chain liquidity. Daily NAV updates track the underlying sovereign exposure and make CETES a reliable, programmable building block for DeFi.

Mexico is among the world’s largest remittance destinations, receiving nearly $65 billion annually, with 99% of those inflows arriving through electronic transfers. This existing digital infrastructure makes the country one of the most natural markets for on-chain sovereign assets. Tokenized CETES, when used as collateral within Falcon, offer users in remittance-heavy economies a way to preserve exposure to local sovereign yield while unlocking dollar-denominated liquidity and accessing global DeFi markets.

“Adding CETES strengthens our ability to support diversified, yield-bearing RWA portfolios onchain. Users can hold tokenized Treasuries, gold, Mexican sovereign bills, or even a tokenized Tesla share, and at the same time unlock USDf liquidity and access DeFi yield without selling their underlying positions. This is a practical step toward a unified collateral architecture built around real assets rather than a single asset class.” — Artem Tolkachev, Chief RWA Officer, Falcon Finance.

“Our goal is to make high-quality sovereign instruments globally accessible in a programmable format. CETES are backed by real short-duration government paper, issued natively on Solana, and built for instant liquidity. Falcon’s integration demonstrates how tokenized sovereign instruments can power real utility across DeFi.” — Dave Taylor, Etherfuse.

For users, CETES provides access to regulated sovereign yield outside the U.S. dollar, while allowing holders to mint USDf without selling the underlying asset. This creates an alternative collateral path for users who want geographic and currency diversification, stable short-duration yield, and a direct bridge from real-world sovereign instruments into onchain liquidity.

For Falcon, the integration strengthens the protocol’s multi-collateral architecture by adding a high-quality, yield-bearing, non-USD sovereign instrument with clear duration and risk characteristics. CETES operate within a Basel-aligned analytical framework: short maturity, transparent sovereign credit profile, and no structural leverage. This improves the resilience and composition of the USDf collateral base while maintaining clarity around risk, liquidity, and valuation.

About Etherfuse

Etherfuse is a protocol that tokenizes real-world emerging market bonds, which are pegged 1:1 with the underlying asset (contrary to stablecoins issued by Circle and Tether), self-custodied (contrary to bonds issued by Franklin Templeton or Blackrock) and freely tradeable (contrary to bonds issued by Ondo or Backed, only accessible to qualified investors).