BlackOpal has launched a tokenisation initiative allowing Brazilian merchants to receive instant cash by selling credit card receivables through its GemStone platform.
The programme uses the Plume Network blockchain to tokenise credit card debt and offers investors a 13% annualised, US dollar-denominated yield.
Brazilian merchants typically wait months for card payments due to instalment-based purchases, creating demand for faster access to working capital.
BlackOpal said it will buy receivables at a discount, tokenise them and sell the assets to institutional investors globally.
The initiative is supported by a $200 million investment commitment over three years from Mars Capital Advisors.
Ownership of the receivables is recorded in Brazil’s central bank C3 Registry under a legal structure known as a true sale.
Merchants receive around 95 cents on the dollar immediately instead of waiting for full settlement from card networks.
Visa and Mastercard later settle the full amount directly with BlackOpal, allowing tokens to be redeemed at face value.
GemStone represents a fundamental rethinking of emerging market credit.
Jason Dehni said.
The structure is designed so that collection is not a question of ‘if’ but ‘when’.
He added.
Investors are shielded from customer default risk as card networks guarantee payment once transactions are authorised.
BlackOpal said the model avoids exposure to inflation and currency volatility often associated with emerging market investments.
Brazilian credit card receivables are a massive, liquid asset class that has been underserved by institutional capital. GemStone changes that.
Rick Pearson said.