BlackOpal's LiquidStone II Vault Surpasses $100M in Assets Under Management
Nest BlackOpal's LiquidStone II Vault has surpassed $100M in assets under management, reaching a significant milestone in the DeFi space. This achievement is thanks to the vault's innovative approach to tokenizing commercial receivables from Brazilian merchants.
The process begins when merchants sell their future receivables at a discount to firms like BlackOpal Finance. The company then pools these discounted receivables into a structured fund, hedges the currency exposure back to USD, and wraps it into a vault accessible through Plume's infrastructure.
Investors deposit into the vault, receive nOPAL tokens as receipts, and earn yield generated by the spread between the discounted purchase price and the full face value of the receivables when they settle. The structured legal framework is designed to be bankruptcy-remote, ensuring that even if the originating merchant goes under, the receivables are ring-fenced from that entity's creditors.
The vault has reported yields in the 8% to 12% APY range since its launch on October 30, 2025. With zero defaults recorded across thousands of underlying receivables, this product is gaining traction among DeFi investors seeking yield-generating assets.