Bybit Expands RWA Earn with Brazilian Credit Vault nOPAL
Bybit has expanded its RWA Earn platform by adding nOPAL, a Plume-based private-credit vault managed by BlackOpal Finance. This move allows eligible users to gain exposure to Brazilian credit-card receivables while earning yields in USDC.
The yield comes from discounted receivables sold by Brazilian merchants to BlackOpal at a discount for cash upfront. Regulated acquirers later settle the payments through Visa and Mastercard networks, resulting in the difference between purchase price and settlement amount as the strategy's gross yield.
BlackOpal employs currency hedging to reduce exposure to the Brazilian real and places receivables in a bankruptcy-remote structure. Although settlements are directed to registered holders rather than merchants, this does not eliminate operational, liquidity or counterparty risk.
The minimum subscription amount is 500 USDC, with no stated subscription or redemption fee. Daily redemption requests are expected to settle within one to five business days, and a roughly 12% rolling 30-day yield has been reported by the companies, along with more than $70 million in total value locked as of August.