Bybit, the world’s second-largest cryptocurrency exchange volume, has listed nOPAL on its RWA Earn platform, according to information shared with Finbold on August 27, 2026.
The product gives crypto investors access to yield generated from the Brazilian credit card receivables market, a segment of emerging market finance that has historically sat beyond the reach of digital asset capital.
nOPAL works by having BlackOpal Finance purchase discounted future credit card receivables from Brazilian merchants, who receive immediate cash in exchange. Once regulated acquirers clear those transactions through the Visa and Mastercard networks, BlackOpal collects the full settlement value and the difference becomes the yield passed to investors.
Crucially, because Brazilian law directs settlement payments to the registered holder of the receivable rather than the originating merchant, nOPAL sidesteps the consumer credit exposure that typically comes with merchant financing products.
Two structural barriers removed through hedging and active liquidity management
Two obstacles have long kept this type of local currency credit market out of reach for crypto-native investors: currency volatility and unpredictable settlement timing. BlackOpal addresses the first by running institutional non-deliverable forwards on the BRL/USD pair, meaning investor returns land in USD regardless of how the Brazilian real moves.
The second is handled through a dedicated liquidity buffer combining USCC, nTBILL, and cash, which supports daily redemptions without tying investors to the receivables’ settlement cycle.
The product’s track record is notable. Since November 2025, the strategy behind nOPAL has processed over 7,000 receivables without a single default or credit loss, and currently carries a 30-day rolling yield of around 12% with more than $70 million in total value locked.
The underlying receivables hold an investment-grade rating from Cicada Partners, and the strategy has attracted over $300 million in institutional commitments earmarked for deployment over the next year from both traditional and Web3-native allocators.
Entry is via $USDC with a 500 $USDC minimum, no fees on subscription or redemption, and settlements completing within one to five business days.
“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.
nOPAL sits on Bybit’s RWA Earn platform alongside the PIMCO Dynamic Income Opportunities Fund and the CMB International Investment Grade Bond Fund. A promotional APR boost is available to eligible participants at launch.
Featured image via Shutterstock.
