Pendle launches 11.59% fixed-yield product backed by Brazilian card receivables

DeFi protocol Pendle has launched srnOPAL, a fixed-yield product backed by Brazilian credit card receivables. The product uses tokenized assets issued by BlackOpal Finance and offers an annual yield of 11.59% on Pendle. The product launched on Sept. 15 and matures on Jan. 7, 2027. Returns are generated by purchasing Brazilian merchants’ credit card receivables at a discount and then collecting the actual settlement proceeds. The investment structure is split into senior and junior tranches. In the event of losses, junior capital equal to about 15% of the total investment absorbs losses first. Even as a fixed-yield product, however, principal losses may still occur depending on defaults in the underlying assets or counterparty risk.