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FollowingBlackOpal LiquidStone II 基金资产管理规模突破 1 亿美元大关
@blackopal_fi 旗下的 LiquidStone II 基金资产管理规模（AUM）已突破 1 亿美元，这标志着新兴市场信贷领域现实世界资产代币化（RWA）的一个重要里程碑。该基金的接收凭证代币为 nOPAL，在多链部署中，其资产管理规模估计在 1.005 亿至 1.058 亿美元之间，具体分布在 Plume 主网、以太坊、BNB Chain、Solana 和 Avalanche 等网络。
基金运作机制
该基金旨在连接全球资本与新兴市场信贷，主要目标锁定巴西的信用卡应收账款，即发卡机构向商户支付的待付款项。BlackOpal 以折扣价购买这些债务并进行代币化处理，使商户能够立即获得现金，而无需等待数月才能收到信用卡付款。当 Visa 或 Mastercard 自动将全额款项支付给 BlackOpal 时，代币将以面值赎回，投资者则从中赚取利差收益。
To hedge currency risk, the fund hedges exchange rate risk back to the U.S. dollar through non-deliverable forward contracts (NDF). LiquidStone II combines an accounts receivable strategy with the on-chain liquidity component, which consists of regulated and daily redeemable instruments to ensure liquidity and portfolio. The purchase structure of accounts receivable is defined as a "true sale" and ownership is registered through the Central Bank of Brazil's C3 registry. The collection process is automatically routed through Visa and Mastercard's settlement infrastructure, eliminating reliance on merchant repayments.
A macro picture of Plume Vaults and real-world assets
Plume (@plumenetwork)'s dashboard shows that the BlackOpal LiquidStone II vault has an annualized yield (APY) of 10.93%, with a total locked value (TVL) of approximately US$105.2 million. Unlike many organization-grade RWA products that require authentication, nOPAL allows non-KYC (Know Your Customer) deposits and no redemption fees, making it more accessible to native DeFi users.
Plume's positioning features are its emphasis on interest-bearing credit products rather than tools that are purely equivalent to cash like tokenized treasury bonds, and its conscious expansion across multiple networks rather than being limited to a single network. Plume Network launched its main network in June 2025 and deployed US$150 million in real-world assets on its first day. Since then, nOPAL Treasury has become one of its largest products by TVL.
However, the structure is not without risks. Credit card receivables carry default risks, and Brazil's macroeconomic conditions, interest rate policies and consumer spending patterns will all affect the quality of underlying assets. BlackOpal's predecessor, LiquidStone, used the same methodology to achieve high-risk adjusted returns with zero defaults.
