A few months ago, Plume and Bybit made real-world assets more accessible with the launch of Plume's institutional vaults on Bybit, one of the world's largest crypto exchanges.

Following the success of these vaults, Bybit is expanding the platform with nOPAL, an onchain credit product managed by BlackOpal Finance structured as a vault on Plume. 

Plume Vaults: A Foundation for Diversified Markets Onchain

As a leader in real-world yield, Plume has brought a wide variety of assets onchain through its flagship Plume Vaults, building scale and demand around new distribution channels.

This vault infrastructure supports a growing range of real-world assets and financial strategies, with compliance built into the vault level. Through this infrastructure, leading institutions and financial firms including Apollo, WisdomTree and FalconX have brought their assets onchain.

To date, Plume Vaults have processed more than $900M in deposits and $500M in redemptions, with assets spanning private credit, Treasuries, fixed income, and more.

Plume's infrastructure combines non-custodial onchain vaults with built-in AML and U.S. sanctions compliance and fully backed, transparent onchain reserves. This compliance-first approach is supported by Plume's broader regulatory and institutional work, including its Bermuda Monetary Authority license, SEC Transfer Agent License and participation in the DTCC Digital Assets Solutions Industry Working Group.

Together, this infrastructure creates a foundation for bringing a broader range of institutional assets onchain and connecting them to new sources of distribution. Bybit is now extending that reach to nOPAL, giving eligible users access to an established Plume vault and a differentiated source of institutional credit yield through RWA Earn.

Bringing Emerging Market Credit Onchain

Plume began working with BlackOpal after seeing the opportunity in Brazilian credit card receivables. While most RWA yield focuses heavily on expected sources like U.S. Treasuries, more niche markets are often overlooked.

Around 70% of credit card transactions in Brazil are paid in installments, creating a large market of short-dated payment receivables that generate predictable cash flows.

But, for crypto-native capital, accessing this market has historically presented two challenges: currency exposure and liquidity. nOPAL addresses both. BRL/USD exposure is hedged through institutional non-deliverable forwards, while dedicated liquidity allocations, including USCC, nTBILL and cash, support redemptions independently of the underlying receivables' settlement cycle.

Its yield comes from Brazilian merchants selling future credit card receivables at a discount in exchange for immediate cash. When Visa and Mastercard settle those transactions, BlackOpal collects the full amount, with the difference generating the yield.

When nOPAL launched on Pendle, the platform described Brazilian credit card receivables as an asset class that had simply not existed onchain before. Today, nOPAL has grown into one of Plume's largest vaults, demonstrating the demand for real-world yield.

As of August 2026, nOPAL has a 30-day rolling yield of approximately 12% and more than $70 million in total value locked. Since launching in November 2025, it has processed more than 6,100 transactions with a 0.0% historical default rate.

nOPAL on Bybit

The launch expands the range of real-world assets available through Bybit RWA Earn, which already includes institutional fixed income strategies from PIMCO and CMBI.

Plume’s role is to make these institutional assets accessible through non-custodial and fully compliant onchain infrastructure. Bybit provides the distribution layer, allowing eligible users to access real-world asset strategies through a platform where they already hold and manage their capital.

nOPAL extends this model beyond traditional fixed income into emerging-market credit, giving users access to yield generated by real commercial activity rather than crypto-native incentives or protocol mechanics.

Eligible Bybit users can access nOPAL through Bybit RWA Earn. To mark the launch, eligible participants will also receive an additional promotional APR on top of nOPAL’s underlying yield.

Find out more about the Bybit RWA Earn, how to use them and any follow-up questions here.