I did not expect the next "big RWA moment" in DeFi to come from Mexico. Not from Silicon Valley, not from Wall Street, and not from another address in the U.S. Treasury. But that is precisely why the addition of Falcon Finance's Mexican government bonds (CETES) as collateral seems like a real turning point: it is not trying to dazzle you with a shiny new asset - it is quietly changing what collateral can be and where yield can come from.
On December 2, 2025, Falcon Finance announced that it had added tokenized Mexican government bills as collateral, specifically through the tokenized CETES from Etherfuse, stating that it expands access on-chain to global sovereign yield outside the U.S. Treasury market. This is significant because it pushes the narrative of real-world backed assets beyond the "dollar-only comfort zone" and into something closer to how real global financial markets work: sovereign yield is not just America, and the quality of collateral is not just from one country.
Simply put, this move allows users to hold a short-term Mexican sovereign bond on-chain and use it within Falcon's collateral framework, issuing USDf liquidity against it without needing to sell the underlying asset. Falcon describes the broader design as allowing users to hold a variety of tokenized assets—including stocks, gold, Treasury bonds, and now CETES—and use this portfolio as collateral to issue USDf, while maintaining long-term exposures with liquidity provision. This idea—"Don't sell the asset, borrow liquidity against it"—is at the core of finance. What is new here is the type of collateral: a sovereign bond not denominated in U.S. dollars is added to the blockchain and treated as usable collateral within a decentralized finance liquidity system.
The CETES product from Etherfuse is generally described as a tokenized exposure to short-term Mexican government bonds denominated in Mexican pesos, and is often compared to U.S. Treasury bonds, but in the context of Mexican sovereign bonds. Many sources indicate that the tokenization is done by Etherfuse, and the CETES token is natively issued on the Solana platform through its architecture, then integrated into Falcon's USDf guarantee framework. Whether you are a decentralized finance (DeFi) investor or a traditional investor, the idea is the same: this is one of the first clear examples of "global sovereign yield as a programmable guarantee," not just "RWA tokens existing somewhere."
Why is this topic gaining unexpected popularity? Because the concept of risk-weighted assets (RWA) is maturing. Previous RWA cycles focused on asset tokenization and stopped there—"Look, it's on the blockchain!" But tokenization alone does not deliver benefits. Benefits are realized when the asset becomes part of the logic of guarantees: valued, discounted, used to provide liquidity, and integrated into a rules-based operating system. Adding CETES from Falcon is precisely this shift from representation to function.
There is also an overarching strategic dimension that makes CETES more than just a fleeting project. Decentralized finance (DeFi) has been heavily tied to the U.S. dollar for years, not only in stablecoins but also in the basis of "safe yield" (mostly U.S. Treasury bonds). The introduction of a non-U.S. dollar sovereign yield source adds geographical and practical diversification at the collateral level. Some media coverage explicitly states that this is Falcon's first non-U.S. dollar sovereign yield asset, and a step towards a broader and more global guarantee structure supporting USDf. This type of movement indicates "infrastructure thinking," not just "campaign thinking."
But let's be frank: the non-dollar sovereign yield is not guaranteed; it involves different risks. With CETES currency, you are implicitly dealing with the risks of Mexican sovereignty and the dynamics of exposure to the Mexican peso, even if the digital wrapper facilitates holding and transferring the asset on the blockchain. This is not necessarily bad; it is the essence of diversification. The important thing is that this is a real logic for building investment portfolios that fits into the frameworks of decentralized finance guarantees: different sovereigns, different currencies, and different yield systems. This is a more serious approach than endlessly recycling the same guarantee sources.
There's another aspect as well: this type of guarantee expansion is a direct response to the "liquidity versus holding" dilemma in decentralized finance. Many users do not want to sell their long-term holdings—whether they are Bitcoin, Ethereum, gold, or even risk-backed assets (RWAs) with yield—just to access the liquidity needed for other activities on the blockchain. The Falcon announcement itself emphasizes the possibility of holding assets while providing liquidity and yield based on USDf. This is how real financing expands: guarantees remain stable, and liquidity is added to them.
And this is precisely why the perspective of "non-dollar sovereign bond yield" is a turning point. Once the possibility of using tokenized sovereign debt bonds as collateral is accepted, the field opens up to broader options. Mexico today, and other sovereign bonds tomorrow. It is the beginning of a multi-issuer and multi-currency guarantee structure, provided that the risk management framework is disciplined enough to handle it. The main challenge shifts from "Can we tokenize it?" to "Can we manage its risks?" Designing oracles, discount rates, liquidity assumptions, recovery paths, and market behavior in times of stress becomes the real battleground, because the diversification of guarantees only constitutes an advantage if the system remains robust during market fluctuations.
You can imagine how Falcon wants this story to be told: not "we added another asset," but "we are building a comprehensive guarantee layer capable of accommodating a portfolio of tokenized assets." CETES is a very strong proof because it is not the obvious choice. Obvious choices are easy, but high-quality non-obvious types of collateral show how realistic any framework is.
If you are trying to understand what this means for the next phase of risk-weighted assets (RWA), it goes like this: the market is moving from considering risk-weighted assets merely as a narrative to seeing them as infrastructure. Tokenized assets are no longer just held; they are used within guarantee frameworks to provide liquidity and connect to decentralized finance (DeFi) activities. Accepting CETES as collateral within Falcon's USDf system is a clear example of this shift, which goes beyond just U.S. yields.
That's why it's popular. Not because the word "Mexico" is a common keyword, but because this is the form of true adoption: simple financial instruments, real yield, real guarantee rules, and a system that tries to make it usable without forcing users to sell.
