13% Yield on Tokenized Brazilian Card Debt via GemStone
Tokenized Brazilian credit card debt offers 13% yield through BlackOpal’s GemStone platform
BlackOpal has launched GemStone, a tokenized product that offers a reported 13% yield by purchasing Brazilian credit card receivables and distributing the resulting cash flows to investors.
The company positions GemStone as a way to access emerging market-level yields while reducing the types of risks that typically accompany emerging market credit exposure.
According to the description provided, GemStone acquires Brazilian credit card receivables as a True Sale, with ownership registered through Brazil’s Central Bank C3 Registry. That structure is intended to formalize and document ownership of the receivables within the local financial system.
A key element of the product is how payments are collected. Collections are routed automatically through Visa and Mastercard settlement infrastructure, which BlackOpal says removes reliance on merchant repayment and instead ties repayment to established card network settlement rails.
BlackOpal also pointed to its predecessor product, LiquidStone, as proof of concept. LiquidStone, which used the same methodology, delivered high risk-adjusted yield and recorded zero defaults, according to the information provided.
GemStone adds to a growing category of tokenized real-world assets that aim to use blockchain-based wrappers to provide investors with access to structured credit and other cash-flowing instruments. In this case, the underlying exposure is consumer credit card receivables in Brazil, while the operational safeguards are built around legal transfer and payment collection mechanisms.
