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- 🇲🇽 The Easiest Way to Buy CETES
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💰 $195B, Earning Nothing
Every leap in financial infrastructure follows the same blueprint. A massive pool of capital sits trapped behind a wall of friction, waiting for someone willing to tear the wall down.
Stripe found one in online payments. Plaid found one in account connectivity. Nu found one in retail banking. Binance found one in crypto access.
The pool we found is sitting in Mexico, and it ranks among the largest still open: $195B in Mexican corporate deposits earning close to zero, parked one wire transfer away from CETES yielding 6%.
The spread persists because Mexican banks have written SMEs out of the equation.
Small and mid-sized companies are too small to be served profitably under the current cost structure, so banks either turn them away at the door or charge abusive fees on the way through. The few that do gain access then face the second wall: an illiquid CETES secondary market that closes at 2 PM, manual trade execution by phone, and a separate hardware token for every banking relationship and every legal entity.
Corporate treasury in Mexico still looks the way it did in 1995.
It was about time for an upgrade. So we built Bando Treasury.
🏦 Inside Bando Treasury
Bando Treasury is the easiest way to buy CETES as a business in Mexico.
That sentence does most of the work.
The product is a full corporate cash management platform for Mexican businesses. Companies hold their idle treasury inside Bando, deploy it into CETES for peso yield or USDC for dollar exposure, and manage everything from a single dashboard built for how Mexican businesses actually operate.
The traditional path to corporate CETES exposure runs through select approvals, weeks of brokerage paperwork, a limited market windows, a desk full of hardware tokens, and a phone call to a trader for every move. Mexican companies hold MXN 3.9 trillion ($195B) in bank deposits, representing 46.7% of the entire banking system. And most of that capital sits in accounts earning close to zero, even as CETES offer one of the safest sovereign yields in Latin America, due to the friction this traditional path generates.
Bando compresses all of that into just one login and one SPEI. It really is that easy.
This is Mexican corporate banking, rebuilt for the companies Mexican banks gave up on serving.
⚙️ The Full Stack
So what does that rebuild look like in practice?
Today, Bando covers the entire treasury cycle, from the SPEI that lands a deposit to the PDF the auditor reviews twelve months later. Seven capabilities are live in the dashboard right now:
Buy CETES via SPEI. Send pesos through Mexico's standard interbank rail and watch them convert into tokenized CETES earning roughly 6% APY the same day the deposit clears.
Buy USDC via SPEI. The same SPEI flow routes pesos into a dollar-denominated balance, giving Mexican companies USD exposure without ever opening an account north of the border.
24/7 liquid withdrawals. Redemptions execute on Saturday mornings, Sunday nights, holiday afternoons, and every other hour the traditional CETES secondary market sits closed, which is most of them.
FX swaps between CETES and USDC. Move balance from peso bonds into digital dollars or back in a single click, at execution rates that publish before the trade confirms and settle in seconds.
Direct USDC deposits. Companies already holding USDC outside Bando fund their treasury account directly, bypassing the banking system entirely for dollar movements that originate elsewhere in their stack.
Full transaction history. Every operation logs MXN and USD amounts, the exchange rate at execution, the settlement timestamp, and the full status timeline, exportable to CSV with the USD/MXN rate already attached for the accounting team.
Monthly PDF statements. One click pulls a full month of activity into a single document, available from the first month a company comes online and formatted for the auditor.
💼 The Size of the Prize
Going back to what we said in the intro, the size of the pool is the size of the prize.
Stripe's pool was every business on the internet that needed to accept payments. Plaid's pool was every bank account in America that needed to talk to a fintech app. Nu's pool was every Brazilian written out of legacy banking. Binance's pool was every retail trader on earth that wanted access to crypto.
Four companies, four pools, four infrastructure pillars built around the simple observation that a sufficiently large body of trapped capital, paired with the right unlock mechanism, becomes the foundation of a multi-billion-dollar enterprise.
The pool Bando is built to drain measures out as follows:
251,000 addressable companies across small, medium, and large enterprises, generating roughly 70 to 85% of Mexican GDP and holding the vast majority of corporate deposits in the country.
$210-220B in corporate float parked in vista accounts and brokerage relationships, almost all of it earning close to zero.
$935B in US-Mexico bilateral trade in 2024, the largest bilateral trade relationship on the planet, with Mexico having displaced both China and Canada as the top US trading partner since 2023.
$64.7B in annual remittances flowing through the same corridor in 2024, a historical record.
Over $1 trillion in total cross-border money movement between the two countries every year once trade, remittances, and capital flows are stacked together.
For decades, that pool sat behind walls the local banking system showed no interest in dismantling. In October 2025, the U.S. Treasury did it for them.
FinCEN sanctioned three Mexican financial institutions on a single morning: CiBanco, Vector, and Intercam. These banks served Mexican import, export, manufacturing, and agribusiness SMEs for decades, and that vanished from the Mexican corporate banking map within hours, taking with them the operational scaffolding thousands of mid-market companies had built their treasury function around.
The cascade hit on two fronts simultaneously.
20,000 legitimate Mexican businesses lost their cross-border banking partner overnight, most of them running active dollar accounts and FX flows through the sanctioned institutions in exactly the volumes that placed them inside Bando's target segment. 1,500 account executives lost their jobs in parallel, each one walking out with a book of 10 to 30 active corporate relationships built across years of personal trust and operational familiarity.
Mexico's largest banks absorbed a fraction of the displaced clients and immediately layered on punitive fees, because the structural economics of serving SMEs at their cost base have never penciled out for them.
The clients began searching for alternatives while the displaced executives began searching for employers willing to monetize the relationships they had spent careers building, and a 20,000-business-wide aperture opened in the wall around Mexican corporate banking for the first time in a generation.
We are positioned to drain through it.
🏗️ The State of Play
Where are we now?
The platform is live and moving real volume. The first clients are onboarded and transacting, with SPEI deposits clearing and CETES balances accruing yield daily.
Our near-term operating target is $10M in monthly volume, and the entire team is built around hitting it. We are shipping at a pace the institutional incumbents whose ground we are taking simply cannot match, with every treasurer conversation feeding directly into the next iteration of the product.
The next layer in development is cross-border payments infrastructure connecting Mexico, the United States, and China. You can expect it to come soon.
The setup in front of Bando is the cleanest in Mexican corporate finance in a generation, and we intend to convert every basis point of it.
📞 Talk to Us
So if you operate a Mexican company sitting on idle cash, manage treasury for a business with FX, know someone who might be interested, or simply want to learn more about the product, schedule a call with us here.