USDC vs CETES in 2026: where is your money best suited in Mexico?

Quick response

If you are looking to protect your money from inflation and the devaluation of the peso, CETES gives you yield in pesos (6.60% annually in April 2026, and falling) while USDC allows you to save in digital dollars from your cell phone without needing a bank account in the United States. The best option depends on your objective: if you want performance in pesos in the short term, CETES. If you want to diversify part of your savings in dollars taking advantage of the strong peso, USDC. And if you want both, you can combine them.

What are CETES?

The Federation Treasury Certificates (CETES) are debt instruments of the Mexican government. Basically, you lend money to the government and they pay you back with interest. They are considered the safest savings option in Mexico because they are backed by the federal government.

In the first week of April 2026, the 28-day CETES offer a rate of 6.60% annually [1]. It sounds reasonable, but there is a detail that few mention: that rate has fallen by almost half in two years. In 2024, CETES reached above 11%. By April 2025 they had already dropped to around 9% [2]. Today we are at 6.60% and Banxico cut the reference rate to 6.75% in March 2026, with signs that it could go lower [3].

With inflation of 4.63% in March 2026 [4], the real yield of CETES (what you actually earn after inflation) is just 2%. A year ago it was double.

What is USDC?

USDC is a digital dollar. Each USDC is exactly equal to 1 US dollar, always. It doesn't go up or down like Bitcoin. It is not a volatile cryptocurrency. It is simply a dollar, but digital, that you can buy and save from your cell phone without needing a bank account in the United States.

It is issued by Circle, a company with money transmitter licenses in 46 US states, BitLicense from the New York regulator (NYDFS), and the first stablecoin issuer to comply with the European Union's MiCA regulation [5]. Each USDC is backed by approximately 90% short-term US Treasuries and 10% cash at systemically important banks, according to monthly reports audited by Deloitte

With Bitsave you can buy USDC from $250 Mexican pesos. The process takes less than 30 seconds.

When is CETES appropriate?

CETES is still a good option if your goal is to have an emergency mattress in pesos that generates some performance. You do not plan to move that money in the next 28 to 364 days and you are comfortable with your savings being 100% in Mexican pesos.

But you have to be honest with the numbers: with the rate at 6.60% and inflation at 4.63%, your real return is only ~2% [1][4]. That's positive (your money does grow above inflation), but it's much less than what they gave a year ago. And the trend continues downward.

In addition, the ISR withholding on CETES almost doubled in 2026, going from 0.50% to 0.90% on the invested capital [8]. That further reduces your net return.

When is USDC suitable?

USDC makes sense if you want to diversify part of your savings in a currency other than the peso. And right now there is an interesting fact: the Mexican peso is strong.

In April 2026, the dollar is trading around $17.80 pesos [9]. Compare that to 2022, when it hit $21.37, or March 2020, when it hit $25.36 during the pandemic [10]. Today the dollar is relatively cheap in peso terms.

What does this mean? If you believe that the exchange rate will eventually rise again (as has happened historically: the dollar went from $11 pesos in 2006 to $17.80 today, a depreciation of the peso of 62% in 20 years [11]), this is a good time to buy cheap dollars.

Think of USDC as a digital dollar piggy bank. It doesn't pay you interest, but it gives you something that CETES can't: exposure to a different currency. When the peso is strong, you buy more dollars for the same money.

It is especially useful if:

You receive income in pesos but you want part of your savings to not depend only on the peso. You are worried that CETES rates will continue to decline. You want full liquidity (you can convert USDC to pesos at any time). You don't want to deal with banking procedures to open a dollar account.

The scenario that few consider: what if you combine both?

It doesn't have to be one or the other. Many people in Mexico are starting to divide their savings:

A part in CETES for income in pesos (your emergency cushion, money that you will need soon). Another part in USDC for diversification in dollars (medium and long-term savings, your digital mattress).

For example, if you save $10,000 pesos a month, you could put $6,000 in CETES (immediate, although modest, return) and $4,000 in USDC through Bitsave (taking advantage of the cheap dollar to diversify). This way you don't depend on a single currency or a single strategy.

The smart thing is not to choose a side. It is diversifying.

What the numbers don't tell you

There is one factor that comparative tables do not capture: diversification as protection.

With CETES, your savings are 100% in Mexican pesos. If everything goes well with the Mexican economy, perfect. But if something changes (economic crisis, change in monetary policy, fiscal pressure), you have no plan B. Your real return of ~2% does not protect you from an adverse scenario.

With USDC, you have a portion of your money in the global reserve currency. It's not perfect (the dollar also has inflation, about 3% annually in the US), but historically the peso has lost value against the dollar in the long term. In the last 20 years, the dollar went from $11 to $17.80 pesos [11]. This trend has periods where it is reversed (like now, with the strong peso), but in 10 or 20 years the pattern is clear.

The question is not "dollar or pesos?" It's "do I want to have all my eggs in one basket?"

How to get started with each one

For CETES:

1. Enter tocetesdirecto.com

2. Register with your SAT or CURP INE e-signature

3. Link your bank account

4. Choose the term (28, 91, 182 or 364 days)

5. Define your amount (minimum $100 MXN for one-time purchase, $300 MXN for recurring savings) [7]

For USDC on Bitsave:

1. Download Bitsave (iOS or Android)

2. Verify your identity (takes less than 2 minutes)

3. Deposit with card, transfer or Mercado Pago

4. Buy USDC from $250 MXN

5. Ready. Your digital dollars are protected with BitGo custody

Do you want to start diversifying your savings today?With Bitsave you buy digital dollars from $250 MXN in 30 seconds. Without bank, without procedures.Create your free account →

Frequently asked questions

Can USDC lose its value like other cryptos?

USDC does not work like Bitcoin or Ethereum. It does not rise or fall with the crypto market. Each USDC is backed by real dollars and US Treasuries (approximately 90% bonds and 10% cash) [6]. It is issued by Circle, a company with 46 regulatory licenses in the US [5], which publishes monthly reserves reports audited by Deloitte [6].

Do I have to declare USDC to the SAT?

Yes. If you buy USDC and then sell it at a higher price in pesos (because the dollar rose), that difference is an exchange gain and you must declare it. It is similar to what happens if you buy dollars at an exchange house and sell them later. Bitsave gives you receipts for each operation so that your accountant can include it in your annual statement.

Can I lose money with CETES?

In nominal terms, no. The government gives you your money back plus interest. But in real terms you can lose: if inflation is higher than the CETES rate, your money buys fewer things even though it has "grown." With the rate at 6.60% and inflation at 4.63%, the margin is only ~2% [1][4]. If inflation rises or rates fall further, that margin disappears.

How much is the minimum to start?

At CETES you can start with $100 MXN (one-time purchase) or $300 MXN (recurring savings) [7]. At Bitsave you can buy USDC from $250 MXN. In both cases, you can start small and gradually increase.

What happens if I need my money urgently?

With CETES you can sell before the deadline expires, but the sale price depends on the secondary market (it may be a little less than what you invested). With USDC on Bitsave, you can convert to pesos and withdraw at any time. Liquidity is immediate.

Is Bitsave safe?

Bitsave operates under authorization from the CMF (Commission for the Financial Market of Chile). Custody of your digital funds is handled by BitGo, one of the largest institutional custody companies in the world, based in the United States. Each operation generates a receipt and you can check your balance at any time from the app.

If the peso is strong, don't I lose money buying dollars?

It depends on your time horizon. In the short term, yes: if the peso continues to strengthen, your USDC will be worth less in pesos. But in the long term (5, 10, 20 years), the peso has consistently lost value against the dollar, going from $11 in 2006 to $17.80 in 2026 [11]. Buying dollars when the peso is strong is like buying something at a discount. You don't know exactly when the price will rise, but historically it always has.

Conclusion

CETES and USDC are not competition. They are accessories. CETES gives you performance in pesos (although less and less). USDC gives you exposure to the dollar (taking advantage of the fact that it is cheap in pesos today).

If today you only save in pesos (whether in the bank, in CETES, or under the mattress), considering a portion in digital dollars is not risky. It is diversifying. And with Bitsave you can do it from $250 pesos, in 30 seconds, without a bank and without complications.

Your money deserves more than a single coin.

Create your free account on Bitsave → bitsaveapp.com

References

[1] CETES rate 28 days, auction April 7, 2026: 6.60%. Money in Image.https://www.dineroenimagen.com/tu-dinero/cetes-tasas-rendimientos-primera-semana-abril-2026

[2] 28-day CETES rate in April 2025: ~9%, dropping to 8.65%. Expansion.https://expansion.mx/economia/2025/04/14/rendimientos-cetes-a-28-dias-repuntan-a-9

[3] Banxico cuts the reference rate to 6.75% on March 27, 2026. It indicates that it is "close to concluding the adjustment period." The Financier.https://www.elfinanciero.com.mx/economia/2026/03/27/banxico-sorprende-con-recorte-y-dice-que-valorara-otro-trabajo/

[4] Inflation in Mexico: 4.63% annual in the first half of March 2026 (INEGI). The Financier.https://www.elfinanciero.com.mx/economia/2026/03/24/inflacion-en-mexico-marzo-2026-que-subio-que-bajo-y-como-impacta-tu-bolsillo/

[5] Circle: Money transmitter licenses in 46 US states, NYDFS BitLicense, first issuer to comply with MiCA (EU). Circle.https://www.circle.com/legal/licenses

[6] USDC Reserves: ~90% US Treasuries 10% Cash. Audited by Deloittehttps://www.circle.com/transparency

[7] Minimum CETES investment: $100 MXN (one-time purchase), $300 MXN (recurring savings/debit). CetesDirecto.https://www.cetesdirecto.com/sites/portal/productos.cetesdirecto

[8] ISR withholding on CETES in 2026: 0.90% (almost double the 0.50% in 2025).Cetes.app.https://cetes.app/educacion/aumenta-retencion-isr-cetes-2026

[9] USD/MXN exchange rate April 2026: ~$17.80 pesos per dollar. The Financier.https://www.elfinanciero.com.mx/mercados/2026/04/06/peso-dolar-tipo-de-cambio-hoy-6-de-abril-de-2026/

[10] USD/MXN exchange rate in 2022: maximum $21.37. In March 2020: maximum $25.36 (pandemic).Exchange-Rates.org/ Infobae.https://www.exchange-rates.org/exchange-rate-history/usd-mxn-2022

[11] USD/MXN exchange rate in 2006: average $10.91 (range $10.42-$11.52). MoneyInTime.https://www.dineroeneltiempo.com/divisas/usd-mxn/historico/2006

Virtual assets are not legal tender in Mexico and are not backed by the Federal Government. This article is informational and does not constitute financial advice or a recommendation to buy or sell assets. Consult a professional before making decisions about your money."