BlackOpal LiquidStone II
Highest TVL
Payment financing
Audited
Vault APY
TVL
$105.2M
About
The vault takes stablecoin deposits and allocates them into tokenized exposure to BlackOpal’s LiquidStone II fund, which invests in FX-hedged, short-dated Brazilian credit card receivables for yield g...
Hourly on Weekdays
Security reviews
Fully audited
Yield type
Directional
No. of holders
4,172
Redemption fees
Underlying assets on-chain
How BlackOpal LiquidStone II works
nOPAL provides exposure to BlackOpal LiquidStone II, a fund that combines Brazilian credit card receivables with a liquid USCC allocation. Receivables generate yield from short-duration payment financing, while USCC provides a liquidity buffer to enable timely redemption settlement.
1
Brazilian card payments
Many Brazilian card purchases are paid in installments. BlackOpal gives merchants cash upfront at a discount and receives those future card payments as they settle.
2
Recorded payment rights
Receivables are registered in BlackOpal's name in Brazil's Central Bank-mandated receivables registry, enabling collection to flow automatically through payment networks without requiring merchant cooperation.
3
Built for yield and liquidity
The fund targets an 80/20 mix: 80% Brazilian credit card receivables for higher yield and 20% USCC for more liquidity. Receivables are typically paid over about 30-45 days, while USCC acts as the liquidity buffer.
Structure and custody
Fund
LiquidStone II
Assets quality
Institutional-grade
Manager
BlackOpal
Assets onchain
Fully verifiable
Risk rating
Baa3 by Cicada Partners
Legal structure
Limited liability company (LLC)
Administrator
Agio Fund Services
Compliance & AML
Protocol-level screening
Asset issuers
Superstate, BlackOpal
Auditor
0xMacro, Spearbit, Pashov
