Yield Backed by Brazilian Credit Card Receivables

Stablecoin yield is easy to market, but harder to explain. For institutions, allocators, fintechs, and treasury teams, the question is not only what yield a product offers. It is where that yield comes from, how it is structured, and whether the underlying strategy can be reviewed with confidence.

That is the focus behind zOPAL. It is Zoth’s first strategy under zVaults, designed to give stablecoin capital access to structured, RWA-backed yield. Its base yield comes from a strategy built on Brazilian credit card receivables, a short-duration asset class linked to real consumer payment flows. The headline number matters, but the real value of zOPAL is in the underlying yield source.

Why Yield Source Matters?

The stablecoin market has seen every version of yield. Some products rely on token incentives, some on leverage, some on opaque lending, and others on market conditions that can change quickly.

For institutional capital, that is not enough. Stablecoin yield needs a clear economic source, a structure that can be explained, and an asset base connected to real activity rather than circular onchain mechanics.

Stablecoin capital is becoming a serious treasury asset. Fintechs, neobanks, Web3 startups, family offices, and digital-asset allocators are no longer looking only for a place to hold stablecoins. They want that capital to be productive without taking on unexplained risk. Most products force a trade-off: low-yield parking feels conservative but rarely creates meaningful treasury value, while higher-yield products become harder to approve when the yield source, liquidity profile, or risk structure is unclear. zOPAL is built to sit in that gap.

What are Brazilian Credit Card Receivables?

Brazil runs one of the largest installment-based card economies in the world. Roughly 70% of credit card transactions are structured as installment payments, with a single purchase repaid across multiple monthly cycles. A consumer buys a product today, and the merchant receives payment over future cycles rather than upfront.

That gap creates a receivable. The merchant is owed money that has not yet arrived, which ties up working capital. Receivables financing solves this: the future payment flows are purchased from the merchant at a discount, giving the merchant cash now, while the user earns yield as the receivables are repaid over time.

In simple terms, the strategy is based on real payment activity:

• A consumer makes a purchase in installments.
• The merchant generates a receivable for the future payments.
• That receivable is purchased at a discount.
• Repayment flows are collected through the card settlement system.
• Yield is generated from the difference between the purchase price and the full repayment value.

This is a fundamentally different source of return than yield that depends on market speculation or token rewards. It is tied to consumer payment activity that is already happening at national scale.

How the Strategy Captures Yield?

zOPAL’s base yield is sourced through BlackOpal, a payments finance platform specializing in Brazilian credit card receivables, via its LiquidStone II strategy. BlackOpal finances receivables for merchants and captures the spread between the discounted purchase price and the full repayment value.

The risk control begins at the merchant level. The strategy targets a short average repayment window and finances receivables from low-dispute merchant categories such as restaurants, groceries, and gas stations, while excluding higher-risk categories like e-commerce, gambling, and subscriptions that carry elevated fraud and chargeback rates. Funding is approved against confirmed card transaction receivables and disbursed to merchants automatically.

The merchant screen is the first line of defense. Keeping high-dispute categories out of the pool is a primary reason the strategy has maintained its loss record.

Why is the Credit Structural, Not Discretionary?

The most important feature of this strategy is where repayment comes from. The credit is structural, not discretionary: repayment is built into the card-settlement rail, not dependent on a merchant choosing to pay.

Since 2021, every card receivable in Brazil must be registered with a Central Bank-authorized registry, and the financier of a receivable is recorded as its owner. BlackOpal is recorded as the registered owner of the receivables it finances, so collections route to the fund directly at settlement and never pass through the merchant. Collections move through Visa and Mastercard settlement infrastructure under Central Bank rules.

The result is that the pool holds cleared, registered card receivables rather than unverified merchant credit. The fund collects on money that is already moving inside the card-settlement system. This is the core reason Zoth anchored zOPAL to BlackOpal: the yield comes from cleared card flows, not from weaker, repayment-dependent credit.

The Two-Sleeve Structure

The strategy is built around two sleeves that balance yield and liquidity.

The yield sleeve holds 50% to 75% of assets in short-term Brazilian credit card receivables. This is the engine that generates the base return.

The liquidity sleeve holds 25% to 50% in a liquid, regulated strategy currently anchored by Superstate USCC. This sleeve is market-neutral and serves as the redemption buffer, designed to support fast withdrawals without forcing a sale of the underlying receivables.

This split is what allows the strategy to offer both real yield and dependable liquidity. The receivables generate return, and the liquid sleeve, together with an operational stablecoin buffer, absorbs redemptions on demand.

Risk, Hedging, and User Protection

Institutional yield products must be more than attractive. They must be reviewable. When an allocator evaluates a yield product, the questions are consistent: What asset generates the return? How short or long is the exposure? How does repayment happen? What are the liquidity terms? How transparent is the structure? What risks are being taken to generate the yield?

The strategy behind zOPAL is built to make those questions easier to answer:

• Track record: the underlying strategy has maintained a 0% historical credit default rate across all receivables purchased to date.
• Duration: short-duration receivables with a roughly 45-day average repayment window.
• Rating: BlackOpal LiquidStone II holds a Baa3 investment-grade rating from Cicada Partners.
• Segregation: redemption obligations are fulfilled by the fund managing the underlying strategy, structured as a Segregated Account Company so its assets are legally ring-fenced from other accounts, insulating zOPAL holders from liabilities elsewhere in the structure.
• This does not remove risk. All yield products carry risk, including credit, liquidity, operational, counterparty, and market-structure risk. The difference is that the source of risk is easier to understand when the yield is connected to a defined RWA strategy with repayment built into the settlement rail. The purpose of zOPAL’s design is not to remove diligence, but to make it clearer.

Accessing the Strategy through zOPAL

zOPAL is the vault through which stablecoin capital accesses this strategy, built on zVaults, Zoth’s vault infrastructure layer.:

• 12% Vault APY, generated through the underlying RWA-backed strategy.
• Up to 4% boosted APY through Zocta Points, an ecosystem-linked reward layered on top of the vault yield. The boost is rewarded after a minimum six-month zOPAL holding period.
• Up to 16% total APY, combining the base vault yield with the Zocta-linked boost.
• No lock-up, with redemptions accepted any day and settled on a first-in, first-out basis. Routine requests are served on demand from the liquidity buffer, with a one to five business day window for larger requests subject to liquidity conditions.

The base yield comes from the underlying RWA strategy. The boost comes through Zoth’s ecosystem incentive layer. Together they let users access structured yield while participating in Zoth’s broader network growth.

Real Yield Needs Real Underlying Activity

The next phase of stablecoin finance will not be defined by the highest APY alone. It will be defined by products that can explain the source of yield, the structure behind it, and the risks attached to it.

That is what zOPAL is built around: structured, RWA-backed yield from a real-world receivables strategy where repayment is built into the card-settlement rail, designed for clearer institutional review and made accessible through zVaults.

For institutions, that clarity is the product.

Explore the zOPAL factsheet and vault here: app.zoth.io/?r=ZOCTOPUS