CASE STUDY · CEX
How a leading CEX activated $10.5M in idle stablecoins for 10.15% user-facing yield and 200 bps in platform revenue.
zVaults infrastructure provided a CEX with an earn layer that enabled idle stablecoin balances of users to earn 10.15% APY, and created a volume-independent platform revenue stream.
zOPAL
RWA-BACKED STRATEGY BLACKOPAL + SUPERSTATE
12.15%
Vault APY
$20.5M
AUM
0.0%
Default rate
Network
Live on 
Tokens
USDC·
USDTUser-facing yield
10.15%APY
On previously idle stablecoin balances
Platform revenue
200bps
New layer, independent of trading volume
Liquidity
Dailyredemption
No lock-up · balances stay trading-ready
The Situation
By the time of integration, the exchange had scaled across multiple emerging markets, serving users with services like spot trading, custody, and stablecoin wallets. As market activity slowed, users de-risked their portfolio and a growing share of capital moved into stablecoins, and remained parked while users waited for stronger conditions.
Without a native Earn layer, those balances stayed unproductive. The exchange retained liquidity, but captured limited engagement, balance stickiness, or non-trading revenue as users increasingly looked at other platforms in search of yield.
The challenge
Activate idle stablecoin balances in slower markets, without forcing users to:
Leave the platform or bridge assets elsewhere for yield
Interact directly with external DeFi protocols
Trust yield sources without clear risk visibility
The Solution
An embedded Earn layer inside the exchange, backed by real-world assets, not incentives.
The exchange integrated zOPAL into its platform stack through Zoth's zVault infrastructure, letting eligible users access a stablecoin Earn product directly from their existing account, with no separate wallet, bridging, or external DeFi journey. Underneath, zOPAL is a structured, RWA-backed vault powered by short-duration Brazilian credit-card receivables, where repayments route through the regulated card-settlement system rather than depending on merchant repayment, giving the yield a defined, real-world source, not incentives or leverage.
Name
Ben PrenticeConnect
Designation
BD Lead at Zothben@zoth.io
Expertise
Leading Business Development & Partnerships across zVaults key growth verticals.
Inside zOPAL — the embedded Earn layer
hover / tap to expand
Yield with a real source
up to 12.15% vault APY
Up to 12.15% underlying vault APY enables a 10.15% user-facing Earn product, with 200 bps retained as platform economics. Yield comes from short-duration Brazilian credit-card receivables, a defined, real-world source, not incentives or leverage.
Liquidity, no lock-up
< 30 min avg
Daily redemption with no lock-up, settling in under 30 minutes on average, and 1–5 business days for larger requests. Balances stay trading-ready at all times.
Investment grade strategy
Baa3-Rated · 0% default
Short-duration receivables, ~45-day average maturity, with a 0% historical default record and a Baa3 rated underlying strategy.
FX protection
fully hedged to USD
BRL exposure is fully hedged to USD using NDFs, removing currency risk from the underlying receivables for stablecoin holders.
Boosted with Zocta
up to 4% Zocta
A separate reward layer adds up to 4% in Zocta Points, an ecosystem reward distinct from the vault yield.
Custody, controls & zero build
via zVault
Enterprise-grade, multi-layer custody and controlled execution through zVault infrastructure. A native Earn product with no internal yield infrastructure for the exchange to build or maintain.
The Impact
A new revenue layer beyond trading fees
IllustrativeModeled on $10,457,890 in eligible stablecoin balances allocated to the zOPAL-powered Earn product.
FOR CEX USERS
$1.06M
Annual yield on balances that earned nothing.
For the platform
$209K
New annual revenue from a 200 bps spread.
Why it worked
Native Earn, zero build
Users earn inside the exchange — no yield infra to maintain.
RWA-backed yield
Returns linked to real-world receivables, not token incentives.
New revenue stream
A platform layer independent of trading volume.
Retention flywheel
Trade and earn in one place — fewer reasons to leave.
Backed by institutional-grade infrastructure
Strategy
Audited by
MPC Custody
Security
RATING
Baa3-RatedStrategy
Network
USDC · USDTRepresentative, composite scenario based on typical exchange integrations. Company details and figures are illustrative and do not represent a single named client. All yield figures are targets, are variable, depend on market conditions, are not guaranteed, and past performance does not indicate future results. Exact internal commercial terms remain confidential.