BlackOpal, an emerging global payments and finance platform in Latin America, has unveiled GemStone, its flagship institutional offering focused on tokenized Brazilian credit card receivables.
The launch is supported by a $200 million, three-year anchor facility arranged by Mars Capital Advisors, a Swiss firm specializing in working capital with roughly $2 billion in assets under advisory.
GemStone is deployed on Plume network, BlackOpal’s tokenization partner and a leading blockchain for real-world assets (RWAs), enabling seamless onchain yield generation.
Plume network has emerged as the leading ecosystem for RWAs since its mainnet launch in July 2025. Hosting over 50% of all RWA holders, more than $600 million in TVL, and 200+ projects, it combines institutional credibility with crypto-native design. The platform enables RWAs to move, trade, and earn like decentralized finance (DeFi)-native tokens.
The new product arrives at a moment when institutional investors are increasingly seeking alternative sources of yield and RWA tokenization is quickly expanding within digital finance.
Brazil’s point-of-sale payment system allows consumers to pay in installments, with roughly 70% of credit card transactions spread over up to 12 months, creating substantial working capital demand for merchants. This has developed into a $100 billion regulated and highly automated credit card financing market, regarded as the most sophisticated receivables ecosystem globally.
GemStone is engineered to deliver emerging market yields without exposing investors to local credit risk. The product acquires Brazilian credit card receivables as True Sale, with ownership recorded in Brazil’s Central Bank C3 Registry.
Collections flow automatically through Visa and Mastercard settlement networks, removing reliance on merchant repayment. BlackOpal’s predecessor product, LiquidStone, employed the same methodology and achieved high risk-adjusted yields with zero defaults.
With an asset capacity exceeding $1 billion, GemStone is positioned to become the principal vehicle for global institutional capital seeking exposure to Brazilian credit card receivables, opening a historically inaccessible asset class to offshore investors.
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