Particula Rating Report: Etherfuse ($CETES), March 2025
Particula assigns a BB rating* to the issuance of the $CETES token by Etherfuse as of March 31, 2025. The $CETES token provides holders with contractual rights to claim the nominal value of the underlying Mexican government treasury certificates (CETES), along with associated rewards.
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The rating favorably considers the technical structure of the issuance, leveraging advanced frameworks to enhance security and efficiency. Issued under a Mexican CNBV regulatory sandbox, the token benefits from regulatory exemption and periodic attestations, strengthening investor confidence. Its broad accessibility and enhanced utility further support market positioning.
However, the rating also considers structural and regulatory risks, including the absence of a dedicated bankruptcy-remote legal structure, limitations in investor protections, and reliance on regulatory exemptions, which could affect enforceability in adverse scenarios. Moreover, technical vulnerabilities, liquidity constraints, and evolving regulatory conditions introduce operational and market risks that could impact adoption and long-term stability.
Rating:
BB rating* assigned by Particula in March 2025 for the CETES Token by Etherfuse ($CETES)
Licenses & Permits:
Individually Authorized Regulatory Sandbox under Mexico’s FinTech Law, Approved by the National Banking and Securities Commission (CNBV)
Market Cap (As of Mar. 31, 2025):
USD 1,358,467.10
Blockchain Ecosystem:
Solana
Target Investors:
Qualified Retail & Institutional Investors
Token Holder Rights:
Relative Rights Token
Strengths:
- Structured exposure to sovereign debt with enhanced transparency
- Advanced technical infrastructure supporting security & efficiency
- Improved accessibility and execution efficiency Through Tokenization
- On-chain yield adjustment mechanism ensuring economic alignment
Challenges:
- Regulatory and legal framework constraints impacting investor protection
- Structural considerations for asset segregation & bankruptcy remoteness
- Potential challenges stemming from technical vulnerabilities
- Liquidity constraints & market adoption challenges
Future Sensitivities:
Potential rating changes may arise from shifts in regulatory requirements or market sentiment.
Analytical Approach: Particula’s Methodology in Action
Particula’s digital asset risk rating methodology employs a comprehensive analytical approach that combines traditional asset evaluation principles with advanced technology. Our methodology diligently assesses each issuance on the categories compliance, economic viability, technological resilience, ESG performance and operational security, offering investors a deep understanding of risks and opportunities on issuer, token and underlying asset.
Our principles acknowledge the difference between digital assets and analog assets and integrate direct data from issuers, conduct thorough security checks, and incorporate real-time blockchain data as well as market trends to provide timely and accurate assessments for navigating the landscape of digital assets. A complete overview of our analytical approach and the rating methodology is available on request.
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*Disclaimer
The information and analyses related to crypto values, crypto tokens, and other digital assets (“Digital Assets“) provided by Particula GmbH (“Particula“) are exclusively made available to entrepreneurs within the meaning of § 14 BGB and are intended solely for informational purposes. The provided information and analyses do not constitute a rating as defined in Art. 3 para. 1 lit. a) of Regulation EG/1060/2009 (“Rating Regulation“). A creditworthiness assessment as defined in Art. 3 para. 1 lit. a) of the Rating Regulation, evaluating the issuer’s creditworthiness, is expressly not part of the analysis.
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