The Nest BlackOpal LiquidStone II Vault, whose receipt token is nOPAL, has surpassed $100M in assets under management across its multi-chain deployment, with estimates placing the figure between roughly $100.5M and $105.8M spread across Plume mainnet, Ethereum, BNB Chain, Solana, and Avalanche.
The vault pools discounted Brazilian credit card receivables into a structured fund, hedges currency exposure back to USD, and wraps the offering into an on-chain vault. Investors deposit into the vault and receive nOPAL tokens as receipts while earning yield generated by the spread between the discounted purchase price and the full face value of receivables when they settle.
Since launching on October 30, 2025, the vault has reported yields in the 8% to 12% APY range, with zero defaults recorded across thousands of underlying receivables. The structured legal framework is designed to be bankruptcy-remote, meaning receivables are ring-fenced from creditors even if an originating merchant fails.
Multi-Chain Integrations Expand Access
Total value locked varies by chain, ranging between roughly $25M and $66M on individual deployments. By operating across five ecosystems simultaneously, the vault taps into each network's native user base and DeFi infrastructure.
On September 8, 2026, Kamino launched a dedicated lending market for nOPAL on Solana, allowing holders to use their tokens as collateral to borrow against their position without selling the underlying yield-bearing asset. In August 2026, nOPAL landed on Bybit's RWA Earn platform, enabling centralized exchange users to access the product without navigating on-chain wallets or bridging tokens.
The vault's smart contracts were audited by 0xMacro and Spearbit prior to launch.
Risk Considerations
The product's yields outpace most tokenized Treasury offerings but carry a distinct risk profile. Currency hedging costs eat into returns, and Brazilian regulatory or macroeconomic shifts could disrupt receivables markets. The multi-chain architecture introduces bridge risk and expands smart contract surface area across five networks. The zero-default track record spans since late 2025; credit products are typically measured across full economic cycles rather than shorter periods.
