Bybit Unlocks Emerging-Market Credit Yields with nOPAL Addition

Bybit has added another institutional-grade asset to its RWA Earn platform, deepening its institutional play and giving users access to real-world credit yields. The new addition is nOPAL, an on-chain credit product built on Brazilian credit card receivables.

nOPAL is managed by BlackOpal Finance and structured as a vault on open finance platform Plume. Bybit's RWA Earn now offers users exposure to a yield source drawn from real commercial activity, with currency risk hedged and liquidity actively maintained.

The nOPAL yield is generated when Brazilian merchants sell their future credit card receivables to BlackOpal at a discount in exchange for upfront cash. When regulated acquirers settle those transactions through the Visa and Mastercard networks, the full amount is paid directly to BlackOpal, and the discount becomes the yield distributed to investors.

nOPAL has recorded a 30-day rolling yield of approximately 12% and holds over $70 million in total value locked. Since November 2025, the strategy behind nOPAL has purchased more than 7,000 receivables with zero defaults and zero credit losses.