Transform the Credit Market in Emerging Economies: BlackOpal and GemStone Platform offer a 13% annual yield

The transformation of the money industry begins with the simplest solutions. In Brazil, merchants receiving payments via credit card often wait several months for the actual funds. Now, BlackOpal and its GemStone platform are offering a radical change to this system. Through tokenization using the Plume Network blockchain, the platform converts credit card receivables into digital assets that can be bought and sold on the global market, offering a 13% annualized yield to institutional investors.

This initiative is supported by a $200 million investment from Mars Capital Advisors, a Swiss wealth management firm with $2 billion in assets under advisory. It represents a fundamental shift in how money is thought about in emerging economies.

How the Tokenization Mechanism Works

The mechanism is relatively simple but sophisticated. In Brazil, 70% of credit card purchases are recognized as installment arrangements, meaning customers can pay over up to 12 months. For merchants, this means long waiting periods before receiving their funds. The GemStone platform addresses this problem.

The platform purchases receivables from merchants at a discount. The transaction is structured as a “True Sale,” a legal transfer whereby the entire asset, rights, risks, and rewards are transferred to the buyer. In return, merchants receive immediately 95 cents in USD for every dollar they receive. When Visa or Mastercard deposits the full amount into BlackOpal (not the original merchant), the tokenized receivables are redeemed at full value, and investors profit from the spread.

GemStone uses the Plume Network blockchain to tokenize these assets, while all assets remain locked in the Central Bank’s C3 Registry in Brazil. This creates a secure legal framework that mitigates default risk because the payment rails are directly from Visa and Mastercard.

The $100 Billion Market and Expected Change

The market opportunity is enormous. In Brazil, credit card receivables represent a potential universe of $100 billion in liquid assets without institutional capital. Now, through tokenization, these assets become accessible to global institutional investors who previously could not access this market.

The change goes further. Every receiver in the marketplace is a potential customer for tokenization. In emerging markets where working capital constraints reflect business growth, this solution opens new possibilities.

Why the 13% Returns Lead the Competitive Landscape

The 13% annualized yield offered by GemStone is significantly higher than traditional investments. For comparison, the 10-year US Treasury bond offers only a 4.2% return—the so-called “risk-free rate” in the global economy. GemStone tokens offer triple the returns.

But the risk profile is carefully managed. The card companies themselves (Visa and Mastercard) cover the default risk, meaning investors are protected against customer non-payment. This fundamentally changes the risk-return equation for emerging market credit.

The denominators are USD and FX-hedged, eliminating currency fluctuation risk. For investors seeking high returns with managed risk, this is a compelling proposition.

The Bigger Picture: Tokenization as an Instrument for Emerging Markets

BlackOpal CEO Jason Dehni articulates a broader vision: “GemStone represents a fundamental rethinking of credit in emerging markets. We underwrite merchants. We take on credit risk. We buy receivables as True Sale paid through Visa and Mastercard payment rails, with ownership locked at the Central Bank level.”

This is not just about a product. It’s about transforming how capital is allocated in growing economies. The traditional banking system is insufficient to serve the billions of merchants needing faster working capital. Tokenization, enabled by blockchain technology, allows direct access to institutional capital that was previously unavailable.

Brazil itself has become the epicenter of new financial innovation. The country boasts a thriving real estate tokenization ecosystem and the DREX project—the Central Bank of Brazil’s digital currency initiative. GemStone rides this momentum, expanding tokenization beyond traditional assets.

The Future of Credit in Digitalized Emerging Markets

The launch of the GemStone platform reflects a larger trend: the convergence of institutional finance and blockchain technology, focused on emerging market opportunities underserved by traditional systems.

With Mars Capital Advisors’ $200 million commitment and the partnership with advisory firm Draupnir Capital (expertise in institutional private credit and Web3 economics), the ecosystem is built to scale. This market transformation is not only for Brazil—it’s a model that can be replicated in various emerging markets facing similar working capital challenges.

The combination of tokenization, blockchain security, and institutional-grade returns signals a fundamental change in how capital flows into growing economies. For merchants who have long waited, this change is not coming soon—it is already here.