Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has expanded its institutional offerings with the addition of nOPAL to Bybit RWA Earn. After a launch in June, Bybit RWA Earn now lists nOPAL, an on-chain credit product backed by Brazilian credit card receivables.

nOPAL is managed by BlackOpal Finance and structured as a vault on Plume, an open finance platform. The product gives Bybit users access to a yield source based on real commercial activity, with currency risk hedged, liquidity actively maintained, and institutional commitments and an investment-grade rating supporting the strategy.

nOPAL targets emerging-market credit opportunities

nOPAL’s yield is generated when Brazilian merchants sell 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 settlement to be paid to the registered holder of the receivable rather than to the merchant, giving nOPAL a risk profile that differs from traditional unsecured merchant credit.

Local-currency credit markets such as Brazil’s credit card receivables market have historically been difficult for crypto-native capital to access for two structural reasons: foreign exchange risk and potential illiquidity tied to settlement timing. nOPAL on Bybit RWA Earn addresses both of those barriers by pairing the receivables strategy with a USD-denominated subscription and redemption workflow.

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 supported through a dedicated allocation that includes USCC liquidity, nTBILL and cash, designed to support redemptions independently of the receivables settlement cycle.

As of August 2026, nOPAL had recorded a 30-day rolling yield of about 12% and held more than $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. Payments come from regulated acquirers through the card networks, not from the merchant, so the product carries no consumer credit risk. Every receivable is purchased outright and held in a bankruptcy-remote structure. Redemptions are accepted daily and settle within one to five business days, which makes the vault format relevant for users who want access to a short-duration private credit strategy without directly handling the underlying receivables.

The credit card receivables underlying nOPAL, originated and managed by BlackOpal, carry an investment-grade risk rating from Cicada Partners. The strategy has also secured more than $300 million in institutional commitments 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 that enables institutional-grade financial access for eligible Bybit users through tokenized real-world asset strategies. Through its product lineup, Bybit RWA Earn offers the Bybit community access to global opportunities seeking yield in volatile markets.