BlackOpal LiquidStone II
Highest TVL
Payment financing
Audited
Vault APY
The annualized yield based on how much the vault share price changed over the last 30 days.
Formula
= current vault share price (NAV per share)
= vault share price 30 days ago
This is a rolling metric and updates daily.
TVL
$105.9M
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
3,651
Redemption fees
How the price grows
Yield is automatically reinvested and reflected in growing token price
$1.098
+$0.056235 (+5.4% or 11.25% APY) Past 6 monthsWho it's designed for
1
Short-duration credit income
Earn yield from short-term payment financing and receivables-based credit strategies.
2
Income with faster turnover
Access credit strategies with shorter duration and frequent cash flow generation.
3
RWA yield diversification
Complement other vaults with consumer and payment-driven real-world credit exposure.
The allocation emphasizes short-duration receivables and payment financing assets to generate frequent, contract-based cash flows. This structure supports consistent income while limiting long-term exposure to interest rate and duration risk.
Yield by world-class operators
Payment financing
95.71%
Short-term cash advances
Unknown asset (nest-treasury-vault)
3.48%
Asset details are unavailable
Liquid assets
0.81%
Uninvested stablecoin liquidity
Audits & Security
Nest is designed to meet the highest standards of safety, transparency, and compliance
Balances
Total balance
$0.00
Avg. APY
Total earnings
$0.00
No positions
Your vault positions will appear here
Activity
Underlying assets on-chain
Asset
APY
Weight
TVL
Asset
Network
TVL
Allocation
Contract
LiquidStone II
Plume
$52,279,234.60
51.59%
0x04...1c06
LiquidStone II
Ethereum
$38,011,474.33
37.51%
0xe5...5008
LiquidStone II
BSC
$10,966,821.42
10.82%
0xcb...4882
LiquidStone II
Avalanche
$74,706.00
0.07%
0x83...0ee0
Total
$101,332,236.35
100.0%
Unknown asset (nest-treasury-vault)
Unknown
3.48%
$3,684,796.93
Asset
Network
TVL
Allocation
Contract
Unknown asset (nest-treasury-vault)
Plume
$3,684,796.93
100.0%
0xe7...8cb9
Total
$3,684,796.93
100.0%
Liquid assets
0.81%
$856,578.17
Asset allocation over time
No. of assets
2
Sep 21, 2026
Â
Â
LiquidStone II
96.49%
Unknown asset (nest-treasury-vault)
3.51%
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 a 50/50 mix: Brazilian receivables for higher yield and 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
How the price grows
Yield is automatically reinvested and reflected in growing token price
Current token price
$1.098
Â
Â
Total Value Locked TVL
Based on live onchain token price and supply
Current TVL
$105,888,662.90
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Â
Vault activity
No. of transactions
in the last 7 days
Mint
Sep 21, 2026, 1:13 AM
0xd185...04b225
+45,424.73 nOPAL
+$0.00
Redemption Claimed
Sep 21, 2026, 1:03 AM
0x03f6...366c03
-557.06 nOPAL
-$0.00
Redeem Fulfilled
Sep 21, 2026, 1:03 AM
0x03f6...366c03
-557.06 nOPAL
-$0.00
Redeem Requested
Sep 21, 2026, 1:03 AM
0x03f6...366c03
-557.06 nOPAL
-$0.00
Redeem Requested
Sep 21, 2026, 12:52 AM
0x6613...8b1d39
-15,513.09 nOPAL
-$0.00
Redeem Requested
Sep 21, 2026, 12:28 AM
0xcc73...d92a3a
-0.91 nOPAL
-$0.00
Redeem Requested
Sep 21, 2026, 12:28 AM
0x4fb5...98edd0
-0.91 nOPAL
-$0.00
Mint
Sep 21, 2026, 12:26 AM
0x4fb5...98edd0
+0.91 nOPAL
+$0.00
Redemption Claimed
Sep 21, 2026, 12:03 AM
0x6f01...0af83c
-49.92 nOPAL
-$0.00
Redemption Claimed
Sep 20, 2026, 11:59 PM
0xb0cc...016fe6
-64,130.58 nOPAL
-$0.00
nOPAL token holders
No. of wallets
3,651
1
0x...e6
12,058,854.96 nOPAL
$0.00
25 Aug 2026
2
E3...gp
11,431,957.75 nOPAL
$0.00
13 Jun 2026
3
0x...db
5,227,783.02 nOPAL
$0.00
19 Nov 2025
4
0x...c1
4,638,455.58 nOPAL
$0.00
20 Jul 2026
5
9f...fx
4,159,716.47 nOPAL
$0.00
19 Aug 2026
How to think about the risks
nOPAL focuses on short-duration credit, where performance depends on borrower behavior and the consistency of receivables-based cash flows.
Underlying risks
nOPAL is exposed to short-duration credit and receivables-based assets, where performance depends on borrower repayment behavior and servicing efficiency. Risks may include credit defaults, geographic or consumer concentration, and operational risks within payment and receivables platforms. Local economic conditions and regulatory changes may also affect cash flow reliability.
Yes
No
No
Yes
Yes
Yes
$0.00
0.00 USDC
$0.00
0.00 nOPAL
Exchange rate
Redemption time
Typically 1-4 days
