nOPAL is Now Live on Pendle: Fixed Yield Backed by Brazilian Credit Card Receivables

RWA is Pendle's dominant Q2 2026 narrative, and today, one of the most structurally distinct entrants joins the market. nOPAL is now live on Pendle ETH mainnet, offering a 120-day market with a ~11% current fixed APY for PT buyers.

LP nOPAL current 77.47% APY

This is real credit, settled by Visa and Mastercard, brought on-chain.

Explore the nOPAL LP Market HERE 

What Is nOPAL?

nOPAL is a tokenized vault issued by BlackOpal Finance, backed by Brazilian credit card receivables. BlackOpal purchases future receivables from merchants at a discount, a true sale registered in Brazil's Central Bank C3 Registry, and collections flow automatically through Visa / Mastercard settlement rails. No merchant repayment risk.

The vault delivers:

•  ~11.5% current base yield (USD-denominated, FX-hedged)
• has a 0% default rate since inception
• is audited by 0xMacro and Spearbit. 

BlackOpal brings 25+ years of credit market experience and $200M+ in institutional backing to the structure.

New to nOPAL? Here's how to get started:

1. Mint nOPAL on Nest → https://www.nest.credit/vaults/nest-opal-vault Deposit pUSD or USDC to mint nOPAL directly on Plume. No KYC required, no redemption fees.
2. Bridge nOPAL to Ethereum We've built a LayerZero bridge directly into the Nest UI, no third-party bridge needed. Once you've minted nOPAL, go to your portfolio, click Bridge, and send your nOPAL to Ethereum mainnet in one click.
3. Deposit into the Pendle market Head to the Pendle market link above, connect your Ethereum wallet, and deposit nOPAL to access PT or LP positions.

The Pendle Market

Pendle splits nOPAL into two tokens: 

PT (Principal Token) locks in a fixed yield and redeems at face value at maturity. PT buyers are currently targeting ~11% implied fixed APY over 120 days, roughly 2.5–3x what T-bill-backed stables and USDG alternatives currently yield on Pendle.

YT (Yield Token) captures the floating yield generated by nOPAL and is levered to yield movements. YT is capital-efficient: a small amount of capital controls exposure to the full underlying yield stream. If realized yield exceeds the implied yield at the time of purchase, YT holders profit, and vice versa. YT is suited for users with a directional view on credit yields or those looking for leveraged RWA exposure without holding the underlying asset directly.

Important for YT buyers: At launch, pool depth is being seeded and liquidity will be thinner in the early days. We recommend using limit orders rather than market orders to avoid slippage when buying or selling YT. As LP depth builds over the first few weeks, execution will tighten. 

Incentives & How to Participate

To buy PT (lock in fixed yield):

1. Go to app.pendle.finance.nOPAL 
2. Select PT-nOPAL on ETH mainnet
3. Buy PT to lock in your fixed APY through the 120-day maturity
4. Hold to maturity and redeem at face value, or sell PT on the secondary market anytime

To buy YT (go long on floating yield):

1. Select YT-nOPAL at the same link above
2. YT is capital-efficient and levered to yield, use limit orders at launch to avoid slippage while the pool is being seeded

To LP (earn incentives + fees):

1. Provide nOPAL liquidity into the Pendle pool
2. Earn swap fees from PT/YT trading activity, LP incentives in PLUME, and PENDLE emissions from Pendle's AIM program

Why nOPAL

The 120-day tenor, zero default history, and card-network settlement infrastructure make nOPAL one of the most compelling fixed-rate RWA positions available on-chain right now. For DeFi users who've been waiting for high-yield, short-duration credit that doesn't just repackage Treasury exposure, this is it.

Explore the market at app.pendle