BlackOpal launched GemStone on Jan. 8, 2026 as a tokenized product built on Brazilian credit-card receivables, designed to pay a 13% annualized yield in USD with full FX hedging. The core pitch is “institutional-grade, short-duration receivables exposure” that also delivers immediate working capital to Brazilian merchants.
The launch frames GemStone as a wedge into a large receivables market while riding the broader RWA tokenization narrative. The materials position the addressable opportunity at roughly $100 billion and tie it to an RWA expansion path projected at $3.5–$10 trillion by 2030.
How the structure is meant to ring-fence risk
The platform says it buys receivables from merchants at roughly $0.95 on the dollar via a legal “true sale,” transferring ownership and moving the receivables off the originator’s balance sheet. The structure is presented as a cash-flow isolation tool that reduces reliance on the merchant as an ongoing counterparty.
Collection and enforceability are anchored in established rails and local registration mechanics. GemStone routes settlement through Visa and Mastercard payment networks and registers ownership in the Brazilian Central Bank’s C3 Registry to reinforce legal clarity, transparency, and recoverability.
The yield story is also framed through relative-rate comparisons and currency risk management. GemStone’s 13% USD-denominated, FX-hedged return is positioned as a premium to U.S. 10-year yields cited around 4.2% in early 2026, while still below Brazil’s Selic rate near 15%. The spread economics are explained by buying receivables at a discount and sharing part of that spread with investors, against a backdrop where domestic consumer APRs are often cited above 300%.
Capital backing, tech rails, and what gets validated next
On funding and go-to-market credibility, the launch highlights a $200 million investment from Mars Capital Advisors and advisory support from Draupnir Capital, alongside participation from institutional names including WisdomTree and Hamilton Lane. The stated intent is to pair institutional sponsorship with an on-chain structure that can scale distribution and settlement.
Technically, the platform uses Plume Network for token issuance and EVM-compatible lifecycle management, with Solana serving as a high-throughput settlement rail to support faster finality and lower transaction costs. The operating model is designed to make receivables tokenization feel like a repeatable capital-markets workflow rather than a bespoke emerging-market trade.
What ultimately matters is performance in real cash-flow terms and whether demand persists beyond the launch narrative. Investors will be watching collection performance and cash-flow timing in the short-duration receivables pool, alongside whether institutional appetite for RWA tokenization sustains growth toward the 2030 projections. If legal enforceability and collections match the design claims, the yield may look appropriately priced; if not, execution and operational risk will dominate the discussion.
