Bybit, the world's second-largest cryptocurrency exchange by trading volume, has expanded its RWA Earn platform with nOPAL, an on-chain credit product managed by BlackOpal Finance and structured as a vault on Plume. The product offers eligible users exposure to Brazilian credit-card receivables, a market Plume estimates at about $3 trillion, where roughly 70% of card transactions are paid in installments.
nOPAL generates yield when Brazilian merchants sell future credit-card receivables to BlackOpal at a discount in exchange for upfront cash. Once regulated acquirers settle those transactions through Visa and Mastercard, the full amount is paid directly to BlackOpal, and the discount becomes investor yield. Brazilian central bank rules require settlement to the registered holder of the receivable, reducing merchant credit risk. The vault hedges BRL/USD exposure through institutional non-deliverable forwards, so returns are denominated in USDC, and maintains liquidity via USCC, nTBILL and cash allocations.
As of August 2026, nOPAL reported a 30-day rolling yield of approximately 12% and more than $70 million in total value locked. Since November 2025, the strategy has purchased more than 7,000 receivables with zero defaults and zero credit losses; Plume separately cited more than 6,100 transactions over the same period. The receivables carry an investment-grade risk rating from Cicada Partners, and BlackOpal has secured over $300 million in institutional commitments to be deployed over the next 12 months. Users subscribe and redeem in USDC, with a 500 USDC minimum, no subscription or redemption fees, and redemptions settle within one to five business days.
Bybit RWA Earn already includes tokenized institutional bond funds from PIMCO and CMB International. To mark the launch, eligible participants can receive a limited-time 5% APR boost on top of nOPAL's underlying yield. Bybit's Jerry Li described the platform as a powerful distribution layer, while Plume CEO Chris Yin said the partnership brings differentiated institutional credit strategies on-chain through compliant, non-custodial vault infrastructure. BlackOpal CEO Jason Dehni added that the collaboration puts Brazilian credit assets in front of millions of investors for the first time.
