Key Highlights
- Bybit added nOPAL to its RWA Earn platform through the Plume network.
- The product is based on Brazilian credit card receivables managed by BlackOpal Finance.
- nOPAL had a 30-day rolling yield of about 12% and more than $70 million in TVL as of August 2026, according to the companies.
Cryptocurrency exchange Bybit has added nOPAL, a tokenized Brazilian credit strategy, to its RWA Earn platform, giving eligible users access to a receivables-backed product through USDC.
In an announcement on August 26, Bybit said the strategy is managed by BlackOpal Finance through a vault on the Plume network. It is based on Brazilian credit card receivables, with merchants receiving upfront funding in exchange for future payments at a discount.
How nOPAL generates returns
BlackOpal purchases future credit card receivables from merchants at a discount. When those receivables are settled through payment networks such as Visa and Mastercard, the difference between the purchase price and settlement value forms the basis of the strategy’s return.
BlackOpal said the strategy had purchased more than 7,000 receivables since November 2025 and had not recorded defaults or credit losses during that period.
The company also reported more than $70 million in TVL and a 30-day rolling yield of around 12% as of August 2026.
Those figures are reported by the companies involved and represent historical or current metrics rather than guaranteed future returns.
Currency and liquidity structure
The underlying receivables are denominated in Brazilian reais, so nOPAL uses non-deliverable forwards to manage BRL/USD exposure. The product also maintains a separate allocation to USDC liquidity, nTBILL and cash to support redemptions.
Bybit said redemptions are accepted daily and generally settle within one to five business days. The minimum investment is 500 USDC. The exchange also states that RWA Earn products are not principal-protected and that historical APR figures are not guaranteed.
Bybit’s earlier digital asset developments
The nOPAL listing follows Bybit’s earlier involvement in digital-asset market development and stablecoin distribution.
In June, Bybit CEO Ben Zhou met Vietnam’s Deputy Prime Minister Nguyễn Văn Thắng in Hanoi to discuss the country’s digital-asset pilot framework, including compliance requirements and market oversight. Vietnam’s framework includes requirements covering areas such as capital adequacy, cybersecurity, and compliance experience.
Around the same period, Bybit integrated USDPT, a U.S. dollar-denominated stablecoin issued by Anchorage Digital Bank on Solana, into its platform. The integration allowed users in selected Latin American markets to buy and sell USDPT through Bybit’s fiat channels.
These developments are separate from nOPAL, but they show Bybit’s expansion into products beyond spot and derivatives trading, including tokenized assets and stablecoins.
What the nOPAL listing adds
The addition of nOPAL gives eligible Bybit users access to a tokenized credit strategy tied to Brazilian receivables rather than a conventional crypto asset.
Its reported yield and TVL provide a snapshot of the product’s activity, but they do not remove the risks associated with the underlying credit, currency exposure, or liquidity.
For Bybit, the listing adds another real-world asset product to its platform. For investors, the main factors remain the performance of the underlying receivables, the structure of the currency hedge, and the ability to meet redemption requests.
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