Test code:
#!/bin/bash
MAP="-R0/1/0/1 -JX10c"
echo -e "0 0\n1 0\n1 1\n0 1\n0 0" | gmt psxy $MAP -Gblack -P -K>test.ps
echo "0.5 0.6 0% transparency outline" | gmt pstext $MAP -F+jCM+f16p,Times-Bold,red=~4p,white -P -O -K>>test.ps
# Bug command
echo "0.5 0.5 a@+1@+b@+2@+c@+3@+d@+4@+e@+5@+f@+6@+g@+7@+h@+8@+i@+9@+j@+0@+" | gmt pstext $MAP -F+jCM+f16p,Times-Bold,red=~4p,white@90 -P -O -K>>test.ps
# What 90% transparency should look like
echo "0.5 0.4 90% transparency outline" | gmt pstext $MAP -F+jCM+f16p,Times-Bold,red=~4p,white@90 -P -O>>test.ps
Result:

This is probably a ghostscript bug, not a GMT. Ghostscript is 9.54.0.