nOPAL unlocks access to a real-world credit yield with BRL exposure hedged and liquidity actively managed
DUBAI, UAE, Aug. 27, 2026 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, deepens its institutional play with the addition of nOPAL to Bybit RWA Earn. Following a successful launch in June, Bybit RWA Earn has now listed nOPAL, an on-chain credit product built on Brazilian credit card receivables. nOPAL is managed by BlackOpal Finance and structured as a vault on open finance platform, Plume. The access gives Bybit users exposure to a yield source drawn from real commercial activity, structured with currency risk hedged, liquidity actively maintained, and institutional commitments and an investment grade rating behind it.
nOPAL – Capturing Premium Emerging-Market Opportunities
nOPAL’s yield is generated when Brazilian merchants sell their future credit card receivables to BlackOpal at a discount in exchange for upfront cash. When regulated acquirers settle those transactions through the Visa and Mastercard networks, the full amount is paid directly to BlackOpal, and the discount becomes the yield distributed to investors. Brazilian central bank rules require that settlement be paid to the registered holder of the receivable rather than to the merchant, which gives nOPAL a risk profile distinct from traditional unsecured merchant credit.
Local-currency credit markets like Brazil’s credit card receivables market used to be largely inaccessible to crypto-native capital for two structural reasons: FX risk and potential illiquidity from settlement timing. nOPAL on Bybit RWA Earn addresses both barriers:
- The BRL/USD exposure is hedged through institutional non-deliverable forwards, so returns are denominated and received in USD regardless of currency movements.
- Liquidity is maintained through a dedicated liquidity allocation, including USCC liquidity as well as nTBILL and cash, to support redemptions independently of the underlying receivables’ settlement cycle.
As of August 2026, nOPAL has recorded a 30-day rolling yield of approximately 12% and holds over $70 million in total value locked. Since November 2025, the strategy behind nOPAL has purchased more than 7,000 receivables with zero defaults and zero credit losses. Subscriptions and redemptions are denominated in USDC, with a minimum investment of 500 USDC and no subscription or redemption fees.
nOPAL is designed to keep credit risk away from investors. Payment comes from regulated acquirers through the card networks, not from the merchant, so the product carries no consumer credit risk. Every receivable is bought outright and held in a bankruptcy-remote structure. Redemptions are accepted daily and settle within one to five business days.
The credit card receivables underlying nOPAL, originated and managed by BlackOpal, carry an investment-grade risk rating from Cicada Partners. The strategy has secured institutional commitments of over $300 million to be deployed over the next 12 months, spanning both Web3-native and traditional asset allocators.
“The organic growth of Bybit RWA Earn attests to strong user demand for real-world opportunities integrated on-chain, signaling a new era in financial product innovation as the Bybit platform increasingly serves as a powerful distribution layer,” said Jerry Li, Head of Financial Products & Wealth Management at Bybit.
“Some of the most compelling sources of yield have historically remained within institutional channels, not because they were inaccessible in principle, but because the infrastructure to distribute them more broadly did not exist. nOPAL on Bybit shows what is possible when that changes. By bringing differentiated institutional credit strategies on-chain through compliant, regulated vault infrastructure, we can open up new sources of yield alongside the vaults already available to the Bybit community,” said Chris Yin, CEO of Plume.
“BlackOpal’s core mission is to bring institutional-grade emerging market asset-backed finance to global capital markets. Brazilian credit card receivables are short-dated and settled through the global card networks, delivered with currency hedging and independent verification built in across the platform. Our track record speaks for itself. Partnering with Plume and Bybit puts this asset class in front of millions of investors for the first time, and we are proud to be delivering on the promise of on-chain open finance,” said Jason Dehni, CEO of BlackOpal.
Bybit RWA Earn is a platform enabling institutional-grade financial access for eligible Bybit users through tokenized real-world asset (RWA) strategies. Through its diverse product strategy, Bybit RWA Earn brings unique global opportunities to the Bybit community seeking yield in a world of volatility.
nOPAL is now available on Bybit to eligible investors through the RWA Earn product category, alongside two tokenized institutional bond funds, the PIMCO Dynamic Income Opportunities Fund, and the CMB International Investment Grade Bond Fund. To mark the launch, eligible participants will receive an additional promotional APR on top of nOPAL’s underlying yield.
Terms and conditions apply. For restricted regions, eligibility criteria, detailed product information and yield mechanisms, and other requirements, users may visit: Bybit RWA Earn introduces nOPAL with a limited-time 5% APR launch boost
Disclaimer: RWA Earn is not principal protected and involves risk of loss. APR figures shown are based on historical NAV performance, are not guaranteed, and may change over time. Actual returns may differ materially. Availability varies by jurisdiction and user eligibility.
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