BlackOpal LiquidStone II
Highest TVL
Payment financing
Audited
Vault APY
TVL
$113.6M
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
4,163
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
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
