3 December 2025

Falcon Finance Integrates Tokenized Mexican Sovereign Bills into DeFi
Falcon Finance has made a significant move by integrating tokenized Mexican sovereign bills, known as CETES, into its multi-collateral framework for its stablecoin, USDf. This integration, executed in partnership with the real-world asset platform Etherfuse, marks Falcon s first inclusion of a non-USD sovereign-yield asset. It diversifies the collateral foundation for USDf beyond the U.S. Treasury system.
The inclusion of CETES offers several benefits, including exposure to sovereign yield in an emerging market, risk diversification, and an expanded geographic reach for Falcon s collateral architecture. Users can now hold these tokenized instruments and access dollar-denominated USDf liquidity without selling their underlying positions.
Adding CETES strengthens our ability to support diversified, yield-bearing RWA portfolios onchain,
said Artem Tolkachev, Chief RWA Officer at Falcon Finance.
CETES are tokenized using Etherfuse s stablebonds architecture, which is backed 1:1 by short-term Mexican government debt. The tokens are issued natively on Solana, allowing for high-frequency minting, instant settlement, and full on-chain liquidity. Daily NAV updates track the underlying sovereign exposure, making CETES a reliable building block for DeFi.
Mexico s significance as a major remittance destination receiving nearly 65 billion annually makes tokenized CETES a natural on-chain asset for users in remittance-heavy economies. Dave Taylor of Etherfuse emphasized,
Our goal is to make high-quality sovereign instruments globally accessible in a programmable format.
For Falcon, this integration enhances its multi-collateral architecture by adding a high-quality, non-USD sovereign instrument that improves the resilience of the USDf collateral base.