Brazilian merchants used to waiting months for credit card payments can now get instant cash. Onchain asset management and payments platform BlackOpal launched GemStone on Thursday, tokenizing credit card receivables via Plume Network blockchain and selling them to institutional buyers worldwide. The initiative targets a $100 billion market desperate for working capital.
Merchants Get 95% Cash Upfront
In Brazil, 70% of credit card swipes allow customers to pay in up to 12 monthly installments, delaying payments to merchants. GemStone buys receivables at a discount, with ownership locked in Brazil's Central Bank C3 Registry via a legal "true sale" structure. Merchants receive 95 cents on the dollar immediately, instead of waiting months. Later, when Visa or Mastercard automatically sends full payment to BlackOpal (not the original merchant), tokens are redeemed at full face value. Investors profit from the spread — buying tokens cheap and cashing out at par.
13% Annualized Yield with FX Hedge
Token buyers earn 13% annualized yield (USD-denominated, FX-hedged), with card companies covering customer defaults. For comparison, the U.S. 10-year Treasury note yields 4.2%. "GemStone represents a fundamental rethinking of emerging market credit," said BlackOpal CEO Jason Dehni. "We don't underwrite merchants. We don't take credit risk. We purchase receivables as True Sale that settle through Visa and Mastercard payment rails, with ownership locked at the Central Bank level." He added collection is not a question of 'if' but 'when'.
$200M Backing and Institutional Support
The launch is backed by a $200 million investment over three years from Mars Capital Advisors, a Swiss firm with $2 billion in assets under advisory. "Brazilian credit card receivables are a massive, liquid asset class that has been underserved by institutional capital. GemStone changes that," said CEO Rick Pearson. Advisor firm Draupnir Capital, specializing in institutional private credit and Web3, served as sole lead adviser and capital introduction partner.
Brazil already has a thriving real estate tokenization scene and the central bank's DREX digital currency project. GemStone extends tokenization's reach into a new asset class, offering institutional-grade yield without direct merchant credit risk — the collection relies on Visa/Mastercard settlement rails.