The Nest BlackOpal LiquidStone II Vault, which issues nOPAL tokens, has reached over $100 million in assets under management. The total volume is estimated between $100.5 million and $105.8 million, distributed across the Plume, Ethereum, BNB Chain, Solana, and Avalanche networks.
The vault tokenizes Brazilian credit card receivables, allowing investors to earn yield from the spread between discounted purchase prices and full face values. Since its launch on October 30, 2025, the product has generated annual yields between 8% and 12%, with zero defaults recorded on thousands of underlying receivables.
BlackOpal Finance manages the pool, leveraging over 25 years of market experience and more than $200 million in institutional backing. The legal structure is designed to be bankruptcy-remote, isolating the receivables from the originating merchants' creditors.
The project has expanded its ecosystem integration. On September 8, 2026, Kamino introduced a lending market for nOPAL on Solana, enabling users to utilize tokens as collateral. Additionally, in August 2026, the asset was listed on the Bybit RWA Earn platform to provide centralized access.
Smart contracts for the vault underwent audits by 0xMacro and Spearbit. While the platform operates across five networks, the developers note that risks include currency hedging costs, potential regulatory shifts in Brazil, and technical vulnerabilities associated with multi-chain bridges.
