Bybit Unlocks Brazilian Credit Market for Crypto Investors with nOPAL Listing
Bybit, the world's second-largest cryptocurrency exchange by volume, has expanded its RWA Earn platform to include nOPAL, a product that allows crypto investors to access yield from the Brazilian credit card receivables market. This emerging market finance segment has historically been out of reach for digital asset capital.
nOPAL works by having BlackOpal Finance purchase discounted future credit card receivables from Brazilian merchants, who receive immediate cash in exchange. Once regulated acquirers clear those transactions through the Visa and Mastercard networks, BlackOpal collects the full settlement value and the difference becomes the yield passed to investors.
Two structural barriers have kept this type of local currency credit market out of reach for crypto-native investors: currency volatility and unpredictable settlement timing. BlackOpal addresses the first by running institutional non-deliverable forwards on the BRL/USD pair, meaning investor returns land in USD regardless of how the Brazilian real moves.
The second 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, the strategy behind nOPAL has processed over 7,000 receivables without a single default or credit loss.
nOPAL currently carries 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 from both traditional and Web3-native allocators.
Entry is via $USDC with a 500 $USDC minimum, no fees on subscription or redemption, and settlements completing within one to five business days. Jerry Li, Head of Financial Products & Wealth Management at Bybit, said 'The organic growth of Bybit RWA Earn attests to strong user demand for real-world opportunities integrated on-chain.'
Chris Yin, CEO of Plume, added 'Some of the most compelling sources of yield have historically remained within institutional channels... By bringing differentiated institutional credit strategies on-chain through compliant, regulated vault infrastructure, we can open up new sources of yield alongside the vaults already available to the Bybit community.'