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.

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.

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

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<sub>*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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