What is nOPAL in Bybit RWA Earn

Most crypto earning products tie their yield to token emissions, platform incentives, or market cycles. nOPAL is built differently. It is available on Bybit through RWA Earn, a product category that lets eligible users access tokenized real-world asset funds using USDC, with returns driven by underlying asset performance rather than crypto incentives. nOPAL is an on-chain credit product that earns from real-world commercial activity: Brazilian credit card receivables. This article covers what nOPAL is, where the yield comes from at a high level, key product details, and how to get started.

Key Takeaways:

• nOPAL is an on-chain credit product that earns from Brazilian credit card receivables, not token incentives, with a trailing 30-day APR that has ranged roughly 10–12% over recent months (11.05% as of 25 August 2026).

• BRL exposure on the receivables is hedged at 100% of deployed assets, and the fund holds a 30% target allocation to daily-redeemable instruments, so investors are not tied to the underlying receivables maturity cycle.

• nOPAL has been live since Q4 2025, with approximately $72M TVL and zero defaults in the underlying fund to date.

What is nOPAL

nOPAL is an on-chain RWA (real-world asset) vault operated by Nest, Plume's asset management protocol, that gives stablecoin investors access to yield generated from Brazilian credit card receivables through LiquidStone II, a fund managed by BlackOpal. RWA stands for real-world assets, traditional financial instruments like loans, receivables, and bonds that have been brought onto a blockchain.

nOPAL runs on Plume Network, an RWA-focused blockchain, and is accessible through Bybit's RWA Earn product category. When you hold nOPAL, you hold a vault share — a proportional claim on the vault's holdings, which are tokenized exposure to the LiquidStone II fund — not a standalone cryptocurrency.

Think of nOPAL as a tokenized credit vault. The yield comes from real commerce, not from crypto incentives.

Where does the yield come from

Brazil runs one of the world's deepest card-receivables financing markets: roughly US$110B of receivables were financed over 2025, against an outstanding balance of about US$25B at any one time. Merchants accept card payments but are paid on a T+30 basis, and installment sales spread that across successive months. Many need cash now, so they sell those future receivables at a discount. The fund acquires them outright via True Sale and is recorded as legal owner on Brazil's CERC Registry. On the settlement date the acquiring bank pays the registered owner full face value, and the discount is the underlying yield.

BRL/USD exposure is hedged at 100% of deployed receivables through institutional Non-Deliverable Forwards (NDFs) to reduce the impact of BRL currency movements on USD-denominated returns. The primary yield source is real-world credit activity rather than crypto prices or token incentives.

Key product details

How to access nOPAL on Bybit

You need a verified Bybit account with USDC available before subscribing. A minimum of 500 USDC is required.

1. Log in to your Bybit account.

2. Navigate to Earn in the top menu, then select RWA Earn.

3. Locate nOPAL in the product list and open the product page.

4. Click Subscribe, enter your USDC amount (minimum 500 USDC), and confirm the transaction.

Ready to get started? Visit Bybit RWA Earn to explore nOPAL.

Benefits of nOPAL

• Real-world yield: Not dependent on crypto market conditions, token emissions, or platform subsidies

• Currency risk hedged: BRL exposure is managed via institutional NDFs to reduce the impact of currency movements on USD-denominated returns

• Low entry barrier: 500 USDC minimum, with no Bybit subscription or redemption fee

• Established track record: approximately $72M TVL, zero defaults in the underlying fund, live since Q4 2025

• Structural credit protection: the fund is the registered owner of each receivable on the CERC Registry, and settlement is backstopped by the card networks under BCB Resolution 522

• Daily yield accrual: yield accrues to NAV daily and is realised on redemption

Risks and limitations

• Principal is not guaranteed: NAV fluctuates. It grows with yield accumulation but can fall in a credit event

• Redemption processing: Bybit RWA Earn redemptions typically take T+1 to T+4 business days depending on underlying fund liquidity, and users may request to redeem their full position

• FX hedging is not free: While hedging mitigates currency risk, hedging costs may rise in different macro environments, eroding yield; Geographic concentration: All underlying assets are from Brazil, making the fund sensitive to Brazilian regulatory changes

• Smart contract risk: On-chain vault infrastructure carries inherent smart contract exposure

• Chargeback risk: These are treated as operational rather than credit events and are absorbed by the originators, which reconciles and replaces affected receivables with fresh ones. The chargeback rate is 0.64% cumulative over the September 2025 to June 2026 deployment period, all absorbed by originators. The risk arises when originators are unable to source another CCR from the merchant to replace the chargeback.

• The settlement guarantee has limits: the card network settlement obligation covers legitimate authorised transactions; it does not extend to receivables from a fraudulent merchant, or to an acquirer shut down for criminal conduct rather than commercial insolvency

Past performance does not guarantee future results. Investing involves risk, including potential loss of principal.

Who can invest in nOPAL

Eligible:

• Standard KYC verified users

• Business verified users

Not eligible:

• Institutional users

• Market makers

nOPAL is not available to residents of CIS countries (Russia, Belarus, Armenia, Azerbaijan, Kyrgyzstan, Kazakhstan, Moldova, Tajikistan, Uzbekistan), Vietnam, Georgia, EEA countries, and all Bybit service-restricted countries.

Is nOPAL right for you

nOPAL gives stablecoin holders access to yield from real-world commerce, specifically Brazilian credit card receivables, with BRL hedged, dedicated liquidity maintained to support redemptions, and institutional-grade risk management in place. It is best suited for yield-seeking stablecoin holders who want income uncorrelated to crypto market conditions.

Visit Bybit RWA Earn to explore nOPAL and start with as little as 500 USDC.

Past performance does not guarantee future results. Investing involves risk, including potential loss of principal.

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