Profile
nOPAL profile facts
Nest BlackOpal LiquidStone II Vault (nOPAL) static profile: governance model CeFi-Dependent; backing model Real-World Asset Backed; peg US Dollar-denominated NAV.
- Collateral
- BlackOpal LiquidStone II tokenised credit positions plus stablecoin and Treasury liquidity buffers held inside the Nest vault
- Peg mechanism
- Vault share whose value follows the BlackOpal LiquidStone II credit strategy NAV; Nest minting and redemption use route-specific supported stablecoins, with USDC on the currently documented Arc route and USDC, pUSD, and USDT entrypoints listed in the issuer deployment registry.
- Jurisdiction
- Marshall Islands
- Proof of reserves
- No proof-of-reserves entry in the static profile.
Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.
nOPAL quick answers
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What is Nest BlackOpal LiquidStone II Vault (nOPAL)?
nOPAL is Nest's vault token wrapping BlackOpal LiquidStone II tokenized credit positions; references a dollar base but behaves like a credit vault share. The static profile records its US Dollar-denominated NAV accounting mechanism as: Vault share whose value follows the BlackOpal LiquidStone II credit strategy NAV; Nest minting and redemption use route-specific supported stablecoins, with USDC on the currently documented Arc route and USDC, pUSD, and USDT entrypoints listed in the issuer deployment registry.
Is nOPAL safe?
As of Nov 8, 2026, Pharos grades nOPAL D (47/100) on its Safety Score. Pharos's reviews record that the issuer or an admin can freeze individual holders' balances, and direct redemption is limited to customers the issuer has verified. That is a low-band grade, which flags significant structural risk. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.
What backs nOPAL?
Pharos records nOPAL's reserves as of Sep 4, 2026 as 95.2% Nest private and structured credit vaults, 4.3% Nest Treasury vault (nTBILL), 0.2% Liquid USDT balances, and 3 smaller holdings. Reserve evidence: live reserve feed configured. Pharos classifies the backing as Real-World Asset Backed.
Can nOPAL be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded.
How do you redeem nOPAL?
Under the route Pharos reviewed on Jul 15, 2026, customers the issuer has verified can redeem nOPAL for USDC, pUSD, and USDT. Settlement takes multiple days. The fee is variable or not fully published. Whether a given holder qualifies is set by the route's own terms, not by this summary.
