Bybit and Plume Expand Into Brazil’s $3T Credit Market With nOPAL

Plume said August 27 that Bybit is adding nOPAL to RWA Earn, giving eligible users access to Brazilian credit-card receivables through an onchain vault managed by BlackOpal Finance. The launch brings emerging-market credit into Bybit’s existing RWA distribution layer, extending access to a market Plume values at $3 trillion.

nOPAL generates yield from Brazilian merchants selling future card receivables at a discount for immediate cash. Around 70% of card transactions in Brazil are paid in installments, while the vault hedges BRL/USD exposure and maintains liquidity allocations for redemptions. As of August, nOPAL reported roughly 12% 30-day rolling yield and more than $70 million in TVL, with over 6,100 transactions since November 2025.

Plume said its vault infrastructure has processed more than $900 million in deposits and $500 million in redemptions across real-world asset strategies. Bybit now provides the distribution layer for nOPAL, while Plume supplies non-custodial infrastructure with built-in compliance. The next test is whether access through a major exchange can broaden demand for Brazilian credit yield beyond existing onchain users.

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