Bybit has added nOPAL, a Plume-based private-credit vault managed by BlackOpal Finance, to its RWA Earn platform. The August 27 listing announcement says eligible users can subscribe and redeem in USDC while gaining exposure to Brazilian credit-card receivables.
The yield comes from discounted receivables
Brazilian merchants can sell future card-payment receivables to BlackOpal at a discount in exchange for cash upfront. When regulated acquirers later settle the payments through Visa and Mastercard networks, the difference between the purchase price and settlement amount becomes the strategy’s gross yield.
The vault uses currency hedging to reduce Brazilian real exposure and places receivables in a bankruptcy-remote structure. BlackOpal says settlements are directed to the registered holder rather than the merchant, but that structure does not eliminate operational, liquidity or counterparty risk.
Bybit sets a 500 USDC minimum
Subscriptions begin at 500 USDC, with no stated subscription or redemption fee. Daily redemption requests are expected to settle within one to five business days. The companies reported a roughly 12% rolling 30-day yield and more than $70 million in total value locked as of August, but stressed that historical returns are not guaranteed.
Bybit is using RWA Earn to broaden its yield products beyond tokens native to crypto markets. The exchange already operates other reward programs, including its RLUSD Hold and Earn product. Across the wider sector, tokenized investment platforms such as Ondo have expanded beyond $1 billion.
Availability and principal protection are limited
nOPAL is available only to eligible users and is restricted in some jurisdictions. Bybit also states that RWA Earn is not principal-protected, meaning investors can lose money even when the underlying receivables have historically settled as expected.
BlackOpal reported zero defaults and credit losses across more than 7,000 receivables purchased since November 2025. Those figures are company-supplied and cover a limited operating period, so investors still need to assess liquidity terms, currency hedging and the legal enforceability of the receivable structure.
The manager also reported more than $300 million in institutional commitments intended for deployment over the next 12 months and said Cicada Partners assigned an investment-grade risk rating to the underlying receivables. Neither a commitment nor a rating guarantees deployment, repayment or liquidity for Bybit users.
