BlackOpal LiquidStone II
Highest TVL
Payment financing
Audited
Vault APY
The annualized yield based on how much the vault share price changed over the last 30 days.
Formula
= current vault share price (NAV per share)
= vault share price 30 days ago
This is a rolling metric and updates daily.
TVL
$109.8M
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...Read more
Hourly on Weekdays
Security reviews
Yield type
No. of holders
3,745
Redemption fees
Underlying assets on-chain
Asset
APY
Weight
TVL
Asset
Network
TVL
Allocation
Contract
LiquidStone II
Plume
$51,445,099.80
48.68%
0x04...1c06
LiquidStone II
Ethereum
$33,715,829.78
31.9%
0xe5...5008
LiquidStone II
BSC
$15,435,528.81
14.61%
0xcb...4882
LiquidStone II
Avalanche
$5,080,860.30
4.81%
0x83...0ee0
Total
$105,677,318.70
100.0%
Unknown asset (nest-treasury-vault)
Unknown
3.4%
$3,738,574.20
Asset
Network
TVL
Allocation
Contract
Unknown asset (nest-treasury-vault)
Plume
$3,738,574.20
100.0%
0xe7...8cb9
Total
$3,738,574.20
100.0%
Liquid assets
0.39%
$423,238.42
Asset allocation over time
No. of assets
2
Sep 29, 2026
Â
Â
LiquidStone II
96.58%
Unknown asset (nest-treasury-vault)
3.42%
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
Manager
BlackOpal
Assets onchain
Risk rating
Baa3 by Cicada Partners
Legal structure
Nest DAO LLC is a corporate entity in Republic of the Marshall Islands (RMI) with an international investment business license and an LEI number 254900BB9T1QYAT04892, which can be found on GLEIF:
https://search.gleif.org/#/record/254900BB9T1QYAT04892Administrator
Agio Fund Services
Compliance & AML
Asset issuers
Superstate, BlackOpal
Auditor
0xMacro, Spearbit, Pashov
$0.00
0.00 USDC
$0.00
0.00 nOPAL
Exchange rate
Redemption time
Typically 1-4 days
