On-chain asset management platform BlackOpal has launched GemStone, a new initiative designed to tokenize Brazilian credit card receivables and deliver instant liquidity to merchants while offering double-digit yields to investors.
The product targets a large but traditionally underserved segment of real-world assets, bringing institutional-grade structure and transparency to emerging-market receivables through blockchain infrastructure.
Investment Structure and Yield Profile
GemStone offers investors an annualized yield of 13%, with returns that are USD-denominated and FX-hedged. This structure is designed to isolate returns from local currency volatility and inflation risks typically associated with emerging markets.
The initiative is built on Plume Network, a blockchain specialized in real-world asset (RWA) tokenization. The launch is supported by a $200 million investment commitment over three years from Swiss-based Mars Capital Advisors, providing scale and long-term backing for the program.
How GemStone Works for Merchants and Investors
Brazilian merchants often wait several months to receive funds from credit card transactions. GemStone allows these businesses to sell their receivables at a discount in exchange for immediate cash, significantly improving working-capital efficiency.
From an investor perspective, the assets are classified as Baa2 investment grade and are protected by BlackOpal’s proprietary Repayment Intercept System. Rather than relying on individual merchants, repayments are intercepted directly from major counterparties such as national banks, Visa, and Mastercard, substantially reducing default risk.
The platform operates under a “True Sale” structure, ensuring the facilities are 100% asset-backed, while real-time on-chain data provides full transparency into performance and collateral.
Target Market Opportunity
GemStone is designed to access an estimated $100 billion market in Brazilian credit card receivables. Despite its size, this segment has historically seen limited participation from institutional capital due to settlement delays, opacity, and structural risk.
By combining blockchain infrastructure, investment-grade credit quality, and automated repayment mechanisms, BlackOpal aims to bridge the gap between institutional investors and real-economy cash-flow assets.
