Bybit has expanded its real-world asset yield offerings by adding nOPAL, a Plume-based private-credit vault managed by BlackOpal Finance, to its RWA Earn platform. The listing was announced on August 27, 2026, and gives eligible users the ability to subscribe and redeem in USDC while gaining exposure to Brazilian credit-card receivables.
The strategy works by purchasing discounted receivables from Brazilian merchants who sell future card-payment receivables to BlackOpal at a discount in exchange for upfront cash. When regulated acquirers later settle the payments through Visa and Mastercard networks, the difference between the purchase price and the settlement amount becomes the strategy's gross yield. Currency hedging is used to reduce Brazilian real exposure, and the receivables are placed in a bankruptcy-remote structure. BlackOpal says settlements are directed to the registered holder rather than the merchant, but that does not eliminate operational, liquidity or counterparty risk.
Subscriptions begin at 500 USDC, with no stated subscription or redemption fee. Daily redemption requests are expected to settle within one to five business days. The companies reported a roughly 12% rolling 30-day yield and more than $70 million in total value locked as of August, while stressing that historical returns are not guaranteed. BlackOpal reported zero defaults and credit losses across more than 7,000 receivables purchased since November 2025, and more than $300 million in institutional commitments intended for deployment over the next 12 months. Cicada Partners assigned an investment-grade risk rating to the underlying receivables.
Bybit is using RWA Earn to broaden its yield products beyond crypto-native tokens. The exchange already operates other reward programs, including its RLUSD Hold and Earn product. Across the wider sector, tokenized investment platforms such as Ondo have expanded beyond $1 billion. However, nOPAL is available only to eligible users and is restricted in some jurisdictions. Bybit also states that RWA Earn is not principal-protected, meaning investors can lose money even when the underlying receivables have historically settled as expected.
The launch highlights Bybit's push into decentralized finance and real-world asset integration, potentially attracting investors seeking stable yield options in an uncertain market environment.
