Bybit lists nOPAL to provide access to Brazilian credit card yields

Bybit has listed nOPAL on its RWA Earn platform, providing cryptocurrency investors with access to yields generated from the Brazilian credit card receivables market. This product allows digital asset capital to enter a segment of emerging market finance that was previously difficult to access.

BlackOpal Finance facilitates the process by purchasing discounted future credit card receivables from Brazilian merchants in exchange for immediate cash. Once transactions are cleared through the Visa and Mastercard networks, the difference between the settlement value and the purchase price becomes the yield for investors. To mitigate risks, BlackOpal uses institutional non-deliverable forwards on the BRL/USD pair to protect against currency volatility and maintains a liquidity buffer to support daily redemptions.

Since November 2025, the nOPAL strategy has processed over 7,000 receivables without defaults, maintaining a 30-day rolling yield of approximately 12% with over $70 million in total value locked. The underlying receivables hold an investment-grade rating from Cicada Partners.