Plume, BlackOpal Tokenize Brazilian Credit Card Payments Backed By $200M Mars Capital Facility

Plume Network is being used to tokenize Brazilian credit card receivables through a new institutional product called GemStone, launched by BlackOpal Finance and backed by a $200 million, three-year anchor facility from Mars Capital Advisors. The structure allows Brazilian merchants to receive cash immediately instead of waiting months for installment payments, while investors gain access to USD-denominated yield tied to real payment flows.

What Is GemStone And Why Does It Matter?

GemStone is a tokenized credit product that purchases Brazilian credit card receivables as a true sale and settles collections through Visa and Mastercard payment rails. Ownership of the receivables is registered at Brazil’s Central Bank through the C3 Registry.

Brazil’s payment system allows consumers to split credit card purchases into installments, often over 12 months. Around 70% of card transactions follow this structure. While consumers benefit, merchants face delayed cash flow. This has created a regulated receivables financing market worth roughly $100 billion.

GemStone sits inside this system. Merchants sell future card payments at a discount and receive cash upfront. Investors buy tokenized exposure to those receivables and earn the spread when full payment settles.

How Does The Tokenization Structure Work?

GemStone operates through a legal true sale. This means all ownership, rights, and risks of the receivables move from the merchant to BlackOpal at the time of purchase.

Key structural elements include:

• Receivables ownership recorded in Brazil’s Central Bank C3 Registry
• Automatic collections via Visa and Mastercard settlement infrastructure
• No reliance on merchant repayment
• USD-denominated, FX-hedged investor returns
• Tokens redeemed at full value once payments settle

Merchants typically receive about 95 cents on the dollar immediately. When card networks later send the full payment, investors receive 100 cents. The difference generates yield.

What Yield Are Investors Receiving?

According to BlackOpal, token holders can earn around 13% annualized yield in USD terms, with foreign exchange risk hedged. By comparison, the U.S. 10-year Treasury yields around 4.2%.

The return comes from payment timing, not leverage or price speculation.

Limited Credit Risk?

According to BlackOpal, GemStone does not underwrite merchants or rely on their balance sheets. Instead, it purchases receivables that are already owed by cardholders and settled by global card networks.

If a cardholder defaults, the card issuer absorbs the loss, not the token holder. This shifts risk away from emerging market credit exposure and toward established payment infrastructure.

BlackOpal’s earlier product, LiquidStone, used the same structure and reported zero defaults, according to the firm.

Who Is Providing Capital And Oversight?

The launch is backed by a $200 million anchor facility from Mars Capital Advisors, a Swiss-based firm specializing in working capital with about $2 billion in assets under advisory. Draupnir Capital acted as sole lead advisor and capital introduction partner.

With asset capacity exceeding $1 billion, BlackOpal expects GemStone to scale as a primary access point for offshore institutional capital seeking Brazilian receivables exposure.

Why Is Plume Network Used For This Product?

Plume provides the tokenization and onchain infrastructure behind GemStone. The network focuses on real-world assets, or RWAs, that generate yield from offchain economic activity rather than crypto-native incentives.

Plume has positioned itself as a settlement and distribution layer for institutional RWAs, including private credit, treasury products, and short-dated receivables like those used in GemStone.

How Does This Fit Into Plume’s Broader RWA Strategy?

GemStone follows a series of RWA launches on Plume-linked infrastructure, including recent RWA vaults deployed on Solana. These vaults allow users to deposit stablecoins and earn yield backed by regulated assets from issuers such as WisdomTree, Hamilton Lane, BlackOpal, and Securitize.

Plume’s vault tokens are liquid and composable. They can move across DeFi applications, enter liquidity pools, or be used as collateral while continuing to accrue yield.

This approach reflects a shift away from synthetic yield driven by inflationary tokenomics toward income sourced from real payment flows.

Why Brazil Is A Key Market For Tokenized Receivables

Brazil already supports advanced financial infrastructure, including automated receivables registries and a central bank-led digital currency initiative known as DREX. The country also has active tokenization efforts in real estate and fixed income.

These factors position Brazil as a practical market for products like GemStone, where clear legal frameworks, automated payment rails, and centralized ownership registries are essential.

Conclusion

GemStone uses Plume Network to tokenize Brazilian credit card receivables as legally recognized assets with automated settlement through global card networks. Backed by $200 million from Mars Capital, the product gives merchants immediate liquidity and provides investors with USD-denominated yield tied to real payment flows. The structure removes merchant credit risk, relies on established settlement rails, and shows how tokenization is being applied to mature financial markets beyond government bonds.

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