LiquidStone II
LiquidStone II is a tokenized fund backed by investment-grade emerging market credit card receivables and structured with blue-chip DeFi protocols, targeting 14%+ yields with same-day settlement and real-time onchain transparency.
LiquidStone II is a tokenized fund backed by investment-grade emerging market credit card receivables and structured with blue-chip DeFi protocols, targeting 14%+ yields with same-day settlement and real-time onchain transparency.
LiquidStone II targets 14%+ APY with no lock-up through a balanced 50/50 allocation: Brazilian credit card receivables with near-zero historical default rates, BRL/USD FX hedging, and blue-chip DeFi protocols for enhanced liquidity. This dual-asset structure combines the stable returns of emerging market credit with the liquidity and transparency advantages of DeFi.
By integrating proven credit underwriting with dynamic onchain asset allocation, LiquidStone II delivers risk-adjusted returns typically reserved for multi-year capital while maintaining daily redemption capability, real-time transparency, and 1-5 day settlement.
Market Opportunity
Brazil has over 21 million SMEs, with only 34% accessing formal credit. This $100B+ credit gap offers a major opportunity for innovative solutions.
In Brazil, 62–79% of consumer purchases are paid in installments, typically over six to seven 30-day cycles. This helps consumers but delays merchant payments. The result is a continuous backlog of receivables requiring financing solutions, presenting a significant arbitrage opportunity for credit providers.
The Interbank Payments System is Brazil's centralized platform that processes all credit card transactions. It provides transparent receivables data to financial institutions, enabling merchants of any size to use future card payments as loan collateral while preventing duplicate use of the same collateral.
Lenders can block receivables within defined timeframes regardless of transaction source. For example, an $8,000 advance automatically blocks the earliest receivables until covered. The "Receivables Schedule" allows selection and management of receivables pools within chosen periods - e.g. 30 days.
BlackOpal purchases bundled receivables with an average 45-day maturity across multiple merchants and sectors. For example, a merchant processing $10,000 in credit card sales across various installment terms (3, 5, or 7 months) creates multiple future payment streams. BlackOpal acquires only the portion settling within the 45-day window, diversifying exposure across thousands of merchants while maintaining short-duration, predictable cash flows tied to payment network settlement dates.
Built on Visa/Mastercard payment rails with diversified originator and merchant exposure, delivering scalable, secure deployment and superior risk-adjusted returns.
No 3rd party entity, at any point, has access to or processes BlackOpal’s investor capital.
Merchant originators such as e-commerce platforms, Enterprise Resource Planning (ERP) players, and others originate eligible merchants based on credit policy for credit card advances
Repayments from payment processors are instantly auto-settled back in BlackOpal’s segregated account, not relying on traditional merchant repayment of credit - resulting in zero credit default rate
BlackOpal approves funding based on confirmed merchant credit card transaction receivables and funds are disbursed automatically directly to merchants
The cycle continues until investor redeems, at which point funds flow back to investors
Focus on ≤45-day average repayment window from low-risk merchants (restaurants, groceries, gas stations). Exclude e-commerce, gambling, and subscriptions to minimize fraud and chargebacks.
Smaller allocation capacity and lower APY potential but significantly reduced risk exposure.
Asset allocation with daily ~5% receivables flow over 20 business days, plus 2% rebalance buffer for errors and additional buffer days to handle uneven transaction distribution from market dynamics (paydays, holidays, seasonality).
