---
title: "Nest BlackOpal LiquidStone II Vault (nOPAL) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/nopal-nest/"
description: "Build-time stablecoin profile for Nest BlackOpal LiquidStone II Vault (nOPAL). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-09-07"
---



# Nest BlackOpal LiquidStone II Vault (nOPAL)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** CeFi-Dependent

**Status:** active

## Overview

nOPAL is Nest Credit's BlackOpal LiquidStone II vault: a NAV-accreting share over tokenised private-credit positions, a Brazilian credit-card receivables fund, plus a small nTBILL {{term:treasury}}Treasury{{/term}} sleeve and stablecoin liquidity buffer. Like other Nest vaults, primary access runs through Nest at vault NAV, and it is not a par-redeemable stablecoin. Pharos flags nOPAL as a private-credit vault share; the high-risk reserve slice reflects the underlying LiquidStone II credit positions classified as {{term:rwa}}RWA{{/term}}-adjacent exposure, and the fund's obligor-level receivables, service providers, and any fund-level audit are not public. The N/A overall grade is held down by exit and economic control, both at the bottom of the card: redemption is eligibility-gated through a rail shared by five Nest vaults, and issuance is unbounded with no independent whole-supply reconciliation. The durable constraint is a credit book Pharos cannot see behind a single Nest rail.

## 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

| Country | Regulator | License |
| --- | --- | --- |
| Marshall Islands | N/A | N/A |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0x119dd7daff816f29d7ee47596ae5e4bdc4299165` | 6 |
| plume | `0x119dd7daff816f29d7ee47596ae5e4bdc4299165` | 6 |
| bsc | `0x119dd7daff816f29d7ee47596ae5e4bdc4299165` | 6 |
| solana | `GArhnnDj3GYhmQeApKVXaRv4TQFwhPcs3SNF6FXsTeXq` | 6 |
| plasma | `0x119dd7daff816f29d7ee47596ae5e4bdc4299165` | 6 |
| worldchain | `0x119dd7daff816f29d7ee47596ae5e4bdc4299165` | 6 |
| avalanche | `0x119dd7daff816f29d7ee47596ae5e4bdc4299165` | 6 |
| arc | `0x119dd7daff816f29d7ee47596ae5e4bdc4299165` | 6 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/nopal-nest.