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Draw/Impress now has support for semi-transparent shape text, next to the existing transparency support in the context of shape fill colors and shape border colors.
Here is how it looks:
What you can see is that next to the existing character color, now you can also set a transparency percentage to decide if the text should be entirely transparent, entirely opaque or something between the two.
The primary focus was Draw in this case, but this also helps PPTX support, as the importer/exporter now handles this for Impress documents as well.
All this is available in LibreOffice master (towards 6.5), so you can try it out right now, if interested.