Bybit Brings Brazilian Credit Card Receivables to Crypto Investors

Bybit has expanded its RWA Earn platform with the listing of nOPAL, a unique product that offers crypto investors exposure to Brazilian credit card receivables. This is one of the more unusual real-world asset launches this year, blending Brazilian merchant finance with on-chain settlement rails.

nOPAL is the result of a partnership between Bybit and BlackOpal Finance, which purchases discounted future credit card receivables directly from Brazilian merchants. The difference between the final settlement amount and the discounted price paid to the merchant becomes the yield passed on to nOPAL holders.

The product has an impressive track record since November 2025, processing over 7,000 receivables with zero defaults and a roughly 12% 30-day rolling yield. The underlying strategy carries an investment-grade rating from Cicada Partners and has drawn more than $300 million in institutional commitments.