BlackOpal Secures $200 Million to Tokenize Brazilian Credit Card Debt
São Paulo, Thursday, 8 January 2026.
Mars Capital anchors this $200 million facility, allowing BlackOpal to tokenize Brazilian credit receivables and engineer out traditional risk, targeting impressive 13% yields for investors.
Institutional Capital Meets Onchain Finance
On January 8, 2026, BlackOpal announced a significant milestone in the convergence of traditional finance and blockchain technology by securing a $200 million anchor facility to tokenize Brazilian credit card receivables [1]. This three-year facility, structured by Swiss asset manager Mars Capital Advisors, is designed to scale BlackOpal’s flagship product, GemStone, which is deployed on the Plume Network [1][5]. The initiative targets Brazil’s substantial credit card financing sector, a market valued at $100 billion, offering a sophisticated method to bring these real-world assets (RWAs) onchain [1]. This development underscores a broader trend observed throughout 2025, where utility-driven projects and asset tokenization began to decouple from speculative price action, marking a maturing phase for the digital asset industry [3].
Engineering Out Credit Risk
The core innovation of this facility lies in its structural approach to risk mitigation in emerging markets. BlackOpal purchases the receivables as a “True Sale,” a legal mechanism ensuring that ownership is registered directly through the C3 Registry of the Central Bank of Brazil [1]. This structure effectively locks ownership at the central bank level while settlement occurs through established payment rails like Visa and Mastercard [1]. According to BlackOpal CEO Jason Dehni, this infrastructure represents a “fundamental rethinking” of emerging market credit, designed to deliver institutional-grade yields by isolating the asset from the originator’s credit risk [1]. Mars Capital CEO Rick Pearson emphasized that this setup provides the specific structural protections—real assets and cash flows—required to eliminate traditional credit risks often associated with such regions [1].
Yield Mechanics and Market Context
Investors are drawn to these structures by the attractive yields relative to the risk profile. The GemStone fund is reported to deliver an Annual Percentage Yield (APY) of 13%, backed by investment-grade Brazilian credit card receivables classified as Baa2 [2][4]. For those seeking market-neutral strategies, BlackOpal also offers LiquidStone II, which targets yields of 14% by combining these receivables with strategies from Superstate [2]. These products capitalize on the immense volume of the broader Brazilian payments market, which is estimated at $750 billion [2]. By utilizing the Plume Network, BlackOpal integrates these traditional financial instruments with Web3 composability, allowing for real-time transparency via Chainlink oracles and full USD hedging to protect against currency fluctuations [2].
The Rise of Utility-Driven Crypto
The BlackOpal announcement aligns with a significant shift in the digital asset landscape observed over the last year. In 2025, the industry witnessed a surge in real-world utility, with tokenized equities alone growing from $31.57 million to $858.43 million by year-end—an increase of approximately 2619.132 percent [3]. This explosion in tokenized real-world assets suggests that institutional players are increasingly comfortable using blockchain infrastructure for substantive financial operations rather than mere speculation [3]. With Mars Capital managing approximately $2 billion in assets under advisory, their backing of BlackOpal signals strong institutional confidence in the scalability of tokenized debt markets in Latin America [1].