LiquidStone

BlackOpal is the first licensed onchain private credit fund, a professionally designated fund in the Commonwealth of the Bahamas, providing permissionless access to RWA structured products through our distribution partners.

BlackOpal’s LiquidStone is a bespoke product offered exclusively for the Nest Credit nAlpha Vault and delivers on a structured approach to stable yield, liquidity and rigid risk controls. Its composition is based on a diversified asset strategy of high quality liquid onchain assets such as US T-Bills and overcollateralized onchain lending, and real-world assets such as invoice financing solutions with a low risk profile.  

1. On-Chain High Quality Liquid Assets (~50%) - Low Risk Profile
   • Maintains high liquidity to meet Nest Alpha Vault's redemption requirements  
   • Preserves low risk profile  
   • Provides baseline yield component  
   • E.g. Ondo, Anemoy, Maple
2. RWA Invoice Financing (~50%) - Low Risk Profile
   • Short-term self liquidation and fully collateralized SME invoice financing    
   • Low risk profile with near zero credit risk   
   • Generates higher yield component  
   • Diversified across regions and partners

Asset Highlight: Invoice Financing Instant Settlement

BlackOpal partners with regulated technology capital platforms and leading SME Originators to underwrite invoice financing solutions on established ecommerce platforms. The product solves for the friction in cash flow management that merchants experience on ecommerce platforms where they get paid 10-14 days after the completion of each week’s transactions.

Invoice Financing Credit Facility With Near Zero Credit Risk

• Offers invoice financing to qualified merchants in a secured form of credit line with weekly drawdowns;
• Merchants receive upfront payment of up-to 100% of cash receivables (less fees) as per the Weekly Settlement Report issued by the ecommerce platform, rather than the normal 10-14 day settlement cycle;
• The product's downside protection is anchored in its interception of the credit line repayments directly from incoming receivables before merchants receive any funds from the sale of goods;
• The automated repayment mechanism eliminates traditional collection risks associated with merchant lending, providing a robust layer of security for investors and effectively resulting in near zero defaults under normal market conditions.

Safeguarding Investor Capital  

All capital deployment and redemptions of the fund, whether on- or off-chain, are reviewed and executed by the fund’s regulated administrator, and serves as overall checker to the fund’s activities. All blockchain operations require multisig authorization. No 3rd party entity has the authority to unilaterally move funds, as all transactions require BlackOpal’s explicit approval and are processed through a segregated Client Monies Account. Additionally, funds in the segregated account must remain segregated from business operations, can only be utilized for funding of approved merchant credit lines, and are non-recourse in the event of bankruptcy proceedings.