Brazilian credit card debt is now a $100M onchain product

@blackopal_fi's LiquidStone II fund has crossed $100 million in assets under management, marking a notable milestone for real-world asset tokenization in emerging market credit. The Nest BlackOpal LiquidStone II Vault, whose receipt token is nOPAL, has surpassed $100M in AUM across its multi-chain deployment, with estimates placing the figure between roughly $100.5M and $105.8M spread across Plume mainnet, Ethereum, BNB Chain, Solana, and Avalanche.

How the Fund Works

The fund is designed to bridge global capital with emerging market credit, specifically targeting Brazilian credit card receivables, which are pending payments from card issuers to merchants. BlackOpal buys this debt at a discount and tokenizes it, with merchants receiving cash immediately instead of waiting months for credit card payments. When Visa or Mastercard automatically sends full payment to BlackOpal, the tokens are redeemed at full value, and investors profit from the spread.

The currency exposure is hedged back to dollars via non-deliverable forwards, and LiquidStone II pairs the receivables strategy with an onchain liquid sleeve of regulated, daily-redeemable instruments for liquidity and composability. Receivable purchases are structured as True Sale with ownership registered through Brazil's Central Bank C3 Registry, and collections are routed automatically via Visa and Mastercard settlement infrastructure, eliminating reliance on merchant repayment.

Plume Vaults and the Broader RWA Picture

Plume's (@plumenetwork) dashboard lists the BlackOpal LiquidStone II vault at 10.93% APY with approximately $105.2M in total value locked. Unlike many institutional RWA products that require identity verification, nOPAL allows deposits without KYC and charges no redemption fees, positioning it toward DeFi-native users.

What distinguishes Plume's positioning is the emphasis on yield-bearing credit products rather than purely cash-equivalent instruments like tokenized Treasuries, and the deliberate expansion across multiple chains rather than staying siloed on a single network. Plume Network launched its mainnet in June 2025 with $150 million in real-world assets deployed from day one. The nOPAL vault has since become one of its largest products by TVL.

The structure is not without risk. Credit card receivables carry default risk, and Brazilian macroeconomic conditions, interest rate policy, and consumer spending patterns all feed into the quality of the underlying assets. BlackOpal's predecessor product, LiquidStone, delivered high risk-adjusted yield with zero defaults using identical methodology.

Sources:
Crypto Briefing: NOPAL crosses $100M in AUM, expanding DeFi access through Plume Vaults
CoinDesk: BlackOpal's RWA initiative turns Brazilian credit card debt into instant cash
The Block: Plume Network's mainnet launches with $150 million in real-world assets deployed