Bybit has added nOPAL, a Plume-based private-credit vault managed by BlackOpal Finance, to its RWA Earn platform, offering eligible users USDC subscription and redemption exposure to Brazilian credit-card receivables after the product line’s June launch. The strategy buys merchants’ future card-payment receivables at a discount and earns the spread when regulated acquirers settle through Visa and Mastercard to the registered holder under Brazilian central bank rules, with assets held in a bankruptcy-remote structure. BRL/USD exposure is hedged via institutional non-deliverable forwards so returns are received in USD, while a dedicated liquidity allocation including USCC, nTBILL and cash supports redemptions. As of August 2026, the companies reported an approximately 12% rolling 30-day yield and more than $70 million in total value locked, zero defaults across more than 7,000 receivables purchased since November 2025, an investment-grade risk rating from Cicada Partners and more than $300 million in institutional commitments for deployment over 12 months. Subscriptions start at 500 USDC with no subscription or redemption fees, daily redemptions settle in one to five business days, and a limited-time 5% APR launch boost applies for eligible users; nOPAL sits alongside the PIMCO Dynamic Income Opportunities Fund and the CMB International Investment Grade Bond Fund. Access is jurisdiction-restricted, RWA Earn is not principal-protected, and historical yields are not guaranteed.