Bybit Puts Institutional Credit Yield Within Reach for Crypto Investors

Bybit has made institutional credit yield accessible to crypto investors through its RWA Earn platform. The exchange listed nOPAL, which provides access to yield generated from Brazilian credit card receivables, a segment of emerging market finance that was previously out of reach for digital asset capital.

nOPAL works by having BlackOpal Finance purchase discounted future credit card receivables from Brazilian merchants and collect the full settlement value after regulated acquirers clear those transactions through Visa and Mastercard networks. The yield generated is passed to investors, who do not have consumer credit exposure.

Two structural barriers that previously kept this type of local currency credit market out of reach for crypto-native investors have been removed by BlackOpal. The first barrier was addressed through institutional non-deliverable forwards on the BRL/USD pair, which ensures investor returns are in USD regardless of Brazilian real movements.

The second barrier, unpredictable settlement timing, is handled through a dedicated liquidity buffer combining USCC, nTBILL, and cash, which supports daily redemptions without tying investors to the receivables' settlement cycle. The product has a notable track record since November 2025, processing over 7,000 receivables with no defaults or credit losses, carrying a 30-day rolling yield of around 12% with more than $70 million in total value locked.

The underlying receivables hold an investment-grade rating from Cicada Partners and the strategy has attracted over $300 million in institutional commitments earmarked for deployment over the next year. Entry is via USDC, with a minimum of 500 USDC required, no fees on subscription or redemption, and settlements completing within one to five business days.