etherfuse
Etherfuse tokenizes sovereign government bonds (CETES, USTRY, TESOURO, GILTS, EUROB, KTB) as reward-bearing Stablebonds across Solana, Stellar, Base, Polygon, and Monad, serving fintechs, remittance companies, and corporate treasuries with on-chain yield and FX infrastructure.
- Company typePrivate
- Founded2023
- HeadquartersIrvine, United States
- Headcount1–10
- GTM typeB2B
- OfferingSoftware
What etherfuse does
Etherfuse is a Mexico-incorporated (Etherfuse Mx, S.A. de C.V.) blockchain infrastructure company that tokenizes sovereign government bonds and distributes them across multiple public chains. Its core product, Stablebonds, is backed 1:1 by real government debt including Mexican CETES, US Treasury Notes (USTRY), Brazilian Tesouro, UK Gilts, Eurozone Eurobonds, and Korean Treasury Bonds (KTB). Stablebonds are reward-bearing tokens whose value accrues continuously as the underlying bond yield compounds. The platform uses a hub-and-spoke architecture with Solana as the primary hub and Stellar, Base, Polygon, and Monad as spoke networks connected via LayerZero for cross-chain bridging. Switchboard and RedStone provide on-chain price feeds, and integration points span DEX aggregators (Jupiter), AMMs (Orca, Curve, Soroswap), and lending protocols (Blend, Loopscale).
The company monetizes through three primary streams: (1) an annual management fee on Stablebond yields ranging from 0.25% to 1.5% depending on underlying yield level; (2) volume-tiered platform ramp fees (5-20 bps) on fiat on/off-ramps; and (3) volume-tiered FX conversion fees (25-100 bps). An optional partner fee overlay (up to 500 bps) enables B2B partners to capture additional margin. Etherfuse targets fintechs and neobanks, remittance and transfer companies, corporate treasury departments, and import/export businesses via a hybrid GTM combining API-led enterprise sales (2-3 week integration timeline) with self-serve app onboarding. Key customer logos include Shinhan Securities, BBVA, B3, Felix Pago, Pago46, Brale, and Anchorage Digital. The company also operates sub-brands eYIELD (institutional yield infrastructure) and eFX (USD-MXN conversion rail). Strategic custody and compliance infrastructure includes BBVA, Shinhan, B3, Actinver, and Kuspit as regulated custodians, with weekly proof-of-reserves attestations and audits by OtterSec and Highland Security.
etherfuse firmographics
Firmographics- Name
- etherfuse
- Legal name
- Etherfuse Mx, S.A. de C.V.
- Website
- https://etherfuse.com
- Company type
- Private
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Etherfuse tokenizes sovereign government bonds (CETES, USTRY, TESOURO, GILTS, EUROB, KTB) as reward-bearing Stablebonds across Solana, Stellar, Base, Polygon, and Monad, serving fintechs, remittance companies, and corporate treasuries with on-chain yield and FX infrastructure.
- Ownership category
- akta.pro rank
etherfuse industry classification
Industry- Product category
- Tokenized Real World Assets (RWA) Infrastructure
- NAICS
- Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Exchanges (5232)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Tokenized Debt, Notes & On-Chain Credit Instruments (FSADAFAM)
- akta.pro secondary industries
- On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury) (FSAGAMAD), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL), Mint/Redeem, Issuance APIs & Treasury Operations Platforms (FSADADAE), Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB)
Keywords
Where etherfuse is headquartered
LocationHeadquarters
- HQ city
- Irvine
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
etherfuse business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Annual Management Fee: Etherfuse retains a portion of the yield earned on underlying government bonds. Fee scales with bond yield: 0.25% floor for yields <=4.5%, ramping to 1.5% cap for yields >=10%. For intermediate yields, formula F% = 0.2273 × Y - 0.7727 applies.
- Platform Ramp Fees: Transaction fees on on/off ramps based on 30-day rolling USD volume. Ranges from 20 bps (0-5M volume) down to 5 bps (100M+ volume). Calculated on source amount and included in quote as feeBps/feeAmount.
- FX (Currency Conversion) Fees: Volume-based FX fees for converting between currencies (e.g., MXN to USDC). Fee steps down as 30-day volume grows, ranging from 100 bps down to 25 bps at 10M+ volume.
- Yield on Proprietary Capital: Yields on financial assets purchased with Etherfuse's own capital, in addition to client-commission revenue.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Annual management fee on Stablebond yields |
| Transaction based/ take rate | Pay-as-you-go | Volume-tiered platform ramp fees (MXN market) |
| Transaction based/ take rate | Pay-as-you-go | Volume-tiered FX conversion fees |
| Transaction based/ take rate | Pay-as-you-go | Partner fee (optional overlay) |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels4 records
etherfuse product offering
Product offeringCore offering
Etherfuse builds a tokenized sovereign bond platform (Stablebonds) that brings government debt onchain across multiple blockchains (Solana, Stellar, Base, Polygon, Monad). Each Stablebond is backed 1:1 by real sovereign debt (CETES, USTRY, TESOURO, GILTS, EUROB, KTB) and earns the underlying bond's yield continuously. The company offers eYIELD (institutional yield infrastructure) and eFX (USD-MXN conversion at 1/10th bank cost), accessible via web app, REST API, SDKs, and an MCP server for AI assistants.
Product overview
Etherfuse is a platform for tokenized sovereign assets, built around its core product: Stablebonds. Stablebonds are tokenized government bonds (CETES, USTRY, TESOURO, GILTS, EUROB, KTB) that earn the underlying bond's yield while held. The company offers two main product lines — eYield (a yield infrastructure layer for institutional treasury allocation) and eFX (a blockchain-based USD-to-MXN FX conversion rail at 1/10th the cost of banks). The Ramp API and Stablebond SDKs enable programmatic access to on-ramps, off-ramps, and swaps. An MCP server allows AI assistants to interact with the platform via natural language. Stablebonds are available across Solana (the hub), Stellar, Base, Polygon, and Monad (spoke networks bridged via LayerZero).
Differentiator
Problem solved
Functional benefit
Brands
- eYIELD: A flexible yield infrastructure layer for institutions that need tailored access to sovereign debt across currencies, maturities, and markets. Built on top of Etherfuse Stablebonds.
- eFX
- Stablebonds
Products and services
- Stablebonds
Quantifiable outcome
- Reduces dollar-to-peso conversion costs by 90% compared to traditional correspondent banking
- +4 more outcomes
Companies that use etherfuse
Customer profileNamed customers3 records
Segments5 records
Ideal customer profiles4 records
etherfuse technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration11 records
AI capability4 records
Feature6 records
etherfuse partnerships and signals
Strategic signalPartnerships
13 partnerships are on record, tiered core.
- Anchorage DigitalcoreAnchorage Digital provides institutional custody support for CETES (tokenized Mexican government debt) issued by Etherfuse on Stellar blockchain. Collaboration enables institutional custody of government securities on a regulated platform.
- StellarcoreStellar provides blockchain network infrastructure for Etherfuse's tokenized government securities (CETES). One of five supported blockchains in Etherfuse's hub-and-spoke cross-chain model.
- Shinhan SecuritiescoreShinhan Securities, one of South Korea's largest securities firms, serves as custodian for Korean government bonds tokenized through Etherfuse's Stablebond framework for KRWQ stablecoin.
- KRWQcoreKRWQ is the first Korean won stablecoin acquiring Korean government bonds held at Shinhan Securities, tokenized through Etherfuse's Stablebond framework. First tokenized Korean government bonds backing a KRW-denominated stablecoin.
- BBVAcoreBBVA serves as regulated custodian for financial assets backing Stablebonds. Category I regulated Mexican financial institution.
- B3coreB3 serves as regulated custodian for financial assets backing Stablebonds.
- Felix PagocoreRemittance platform partner using Etherfuse's FX infrastructure to move money across borders at reduced cost.
- Pago46coreB2B payment platform partner leveraging Etherfuse's FX rails for cross-border payments.
- BralecoreFintech partner embedding sovereign yield and FX rails into their product offerings.
- LayerZerocoreLayerZero provides cross-chain bridging technology enabling Stablebonds to move between Solana, Stellar, Base, Polygon, and Monad networks.
- MME LegalcoreSwiss law firm MME Legal (Zürich) prepared Registration Agreement for Stablebond tokenization under Swiss law Article 973d of Swiss Code of Obligations.
- Actinver Casa de BolsacoreCategory I regulated Mexican securities firm serving as custodian for financial assets backing Stablebonds.
- Kuspit Casa de BolsacoreCategory I regulated Mexican securities firm serving as custodian for financial assets backing Stablebonds.
Scale indicators4 records
Recent moves6 records
Expansion highlights6 records
etherfuse competitors and assessment
Company assessmentDirect peers
- Libre Capital: Tokenized money market and sovereign debt funds targeted at Latin American investors via the Stellar network — most direct LatAm and Stellar-network peer to Etherfuse's CETES product.
- Centrifuge: On-chain RWA protocol tokenizing credit, treasuries, and structured products — competes for institutional yield allocators and integrates with DeFi lending protocols similarly to Etherfuse's Loopscale and Blend integrations.
- Ondo Finance: Largest tokenized US Treasury platform (OUSG, USDY) — direct competitor in tokenized sovereign debt, also expanding globally with multi-jurisdiction products and institutional distribution.
- Maple Finance: Institutional on-chain credit and yield platform offering yield-bearing products for institutions — directly competes with Etherfuse's eYIELD product line for the same corporate treasury and fintech allocator customers.
- Securitize: Tokenization platform for real-world assets including funds and securities — operates in the same tokenized-securities category as Etherfuse with comparable institutional and regulatory positioning.
- Backed Finance: Issuer of tokenized securities including government bonds and equities on public chains — competes directly in the tokenized-sovereign-debt category with similar institutional and DeFi distribution.
Emerging players
- Brickken: Tokenization platform for real-world assets including funds and debt instruments — adjacent competitor targeting issuers seeking on-chain distribution of securities-like products.
- Plume Network: RWA-focused Layer 2 with tokenized assets and yield primitives — comparable in targeting RWA yield for institutional and DeFi users, but as an emerging infrastructure play rather than a sovereign-bond issuer.
Regional players
- Bitso: Latin America's largest crypto exchange with deep USD↔MXN rails — comparable as a USD-MXN on/off-ramp and remittance infrastructure competitor in Mexico and Brazil.
Broad incumbents
- Matrixport: Broader crypto financial services platform offering yield, lending, and structured products — competes for institutional yield allocation with Etherfuse's eYIELD but as a generalist incumbent.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
etherfuse social profiles
Digital presenceetherfuse compliance and trust
Trust signalCompliance5 records
etherfuse financial estimates
Financial estimateRevenue estimate
Valuation estimate
etherfuse leadership team
Management profileNumber of profiles
Profiles10 records
etherfuse funding detail
Funding detailFunding overview
Funding rounds1 record
Investors6 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
etherfuse M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about etherfuse
What does etherfuse do?
Etherfuse builds a tokenized sovereign bond platform (Stablebonds) that brings government debt onchain across multiple blockchains (Solana, Stellar, Base, Polygon, Monad). Each Stablebond is backed 1:1 by real sovereign debt (CETES, USTRY, TESOURO, GILTS, EUROB, KTB) and earns the underlying bond's yield continuously. The company offers eYIELD (institutional yield infrastructure) and eFX (USD-MXN conversion at 1/10th bank cost), accessible via web app, REST API, SDKs, and an MCP server for AI assistants.
Is etherfuse a public or private company?
etherfuse is a private company. It is classified as venture growth investor backed and is currently operating.
When was etherfuse founded?
etherfuse was founded in 2023. It employs 1 to 10 people.
Where is etherfuse based?
etherfuse is headquartered in Irvine, United States, in the North America region.
How does etherfuse make money?
Four revenue lines are on record. Annual Management Fee is the primary driver. The others are platform Ramp Fees, FX (Currency Conversion) Fees and yield on Proprietary Capital.
Who are etherfuse's main competitors?
Direct peers on record are Libre Capital, Centrifuge, Ondo Finance, Maple Finance, Securitize and Backed Finance. Emerging players are Brickken and Plume Network. Bitso is listed as a regional player. Matrixport is listed as a broad incumbent.
Does etherfuse have an API?
Yes. Etherfuse provides a REST API for on-ramps, off-ramps, swaps, customer onboarding (KYC/KYB), bank account management, order management, webhooks, and organizational administration. Authentication uses API keys with sandbox (https://api.sand.etherfuse.com) and production (https://api.etherfuse.com) environments. Public Lookup endpoints (no API key required) include exchange rates and stablebond costs. Sandbox keys are available immediately; production keys require KYB approval. Up to 5 active keys per organization. Developer documentation is at docs.etherfuse.com.
What industry is etherfuse in?
etherfuse's product category is Tokenized Real World Assets (RWA) Infrastructure. Its primary akta.pro industry code is FSADAFAM, Tokenized Debt, Notes & On-Chain Credit Instruments, with a secondary code of FSAGAMAD, On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury). Its NAICS code is 523 and its SIC code is 6211.