BlackOpal Secures USD 200M to Tokenize Brazilian Credit Card Receivables, Engineering Credit Risk Out of Emerging Market Yield

Swiss asset manager Mars Capital Advisors anchors’ facility targeting Brazil’s $100B credit card receivables market, brought onchain via Plume Network

Jan 29: BlackOpal, LATAM’s emerging global payments finance platform, announces the launch of GemStone, its flagship institutional product in tokenized Brazilian credit card receivables. The launch is backed by a US$200 million, three-year anchor facility structured by Mars Capital Advisors, a Swiss-based firm specializing in working capital with approximately $2 billion in assets under advisory and is deployed on BlackOpal’s tokenization partner, Plume, the leading RWA blockchain powering real-world yield. The launch comes as institutional investors seek yield alternatives while tokenization of real-world assets emerges as one of the fastest-growing segments in digital finance.

Draupnir Capital acted as Sole Lead Advisor and Capital Introduction Partner to BlackOpal on the transaction.

Brazil’s point of sale payment rails give consumers the option to pay in installments, with approximately 70% of all credit card transactions structured in up to 12 months of payment schedules. This creates significant working capital demand from merchants and has given rise to a $100 billion regulated, highly automated credit card financing market, the most sophisticated receivables market in the world.

GemStone is designed to deliver emerging market yields without emerging market credit risk. The product purchases Brazilian credit card receivables as True Sale, with ownership registered through Brazil’s Central Bank C3 Registry. Collections are routed automatically via Visa and Mastercard settlement infrastructure, eliminating reliance on merchant repayment. BlackOpal’s predecessor product, LiquidStone, delivered high risk-adjusted yield with zero defaults using identical methodology.

With asset capacity exceeding $1 billion, GemStone is positioned to become the primary vehicle for global institutional capital seeking access to Brazilian credit card receivables. The structure’s elimination of credit risk opens an asset class that has historically been inaccessible to offshore institutional allocators.

“GemStone represents a fundamental rethinking of emerging market credit,” said Jason Dehni, CEO of BlackOpal. “We don’t underwrite merchants. We don’t take credit risk. We purchase receivables as True Sale that settle through Visa and Mastercard payment rails, with ownership locked at the Central Bank level. The structure is designed so that collection is not a question of ‘if’ but ‘when.’ This is what institutional-grade emerging market yield should look like.”

“BlackOpal has built exactly the kind of infrastructure we look for: real assets, real cash flows, and structural protections that eliminate traditional credit risk,” said Rick Pearson, CEO of Mars Capital Advisors. “Brazilian credit card receivables are a massive, liquid asset class that has been underserved by institutional capital. GemStone changes that. We’re proud to anchor this facility and look forward to scaling alongside the BlackOpal team.”

“Tokenization only matters when it’s applied to assets worth owning,” said Teddy Pornprinya, Co-Founder and CBO of Plume. “GemStone is exactly what Real World Assets should be: institutional-grade yield, transparent structure, and global accessibility. BlackOpal is setting the standard for what tokenized credit products can achieve, and we’re excited to provide the infrastructure that brings this to onchain capital markets.”

“GemStone shows what happens when emerging market yields are engineered as well as underwritten,” said Boris Redfern, Head of Capital Markets of Draupnir Capital. “By structurally mitigating credit risk, BlackOpal has created an investment-grade product that global allocators can scale into with confidence. We’re proud to have acted as Sole Lead Advisor and Capital Introduction Partner on a transaction that opens a world-class payments market to institutional capital.”