Bullish Funds USD.AI With $100M for GPU-Backed Loans

On August 28, 2026, the digital asset platform Bullish committed a $100 million stablecoin debt facility to USD.AI, an onchain protocol specializing in GPU-collateralized loans. Developed by Permian Labs, USD.AI will use the capital to expand its GPU financing operations. The deal marks Bullish's entry into middle-market AI infrastructure financing, a rapidly growing sector in private credit. As part of the agreement, Bullish will onboard USD.AI's yield-bearing staked dollar token, sUSDai, across multiple trading pairs on its exchange, supported by a dedicated market-making program to improve secondary liquidity.

For AI practitioners and data center operators, USD.AI offers non-recourse loans that typically finance 70% to 80% of hardware costs, requiring a 20% to 30% down payment to the manufacturer. The senior financing is held in escrow and released once servers are verified in the data center. These 36-month loans feature straight-line amortization, no prepayment penalties, a 3% origination fee, and a three-month working capital reserve. Interest rates range from 7% for deployments with investment-grade offtake contracts to 15% for those without. An on-premises monitoring node tracks GPU utilization, uptime, and health throughout the loan term.

On the funding side, depositors mint USDai using the PYUSD stablecoin, which is backed by US Treasuries and cash. Staking USDai yields sUSDai, which accumulates interest from GPU borrowers and Treasury bill yields on idle reserves. The protocol is governed by CHIP token holders. This new facility builds on a $4 million investment Bullish Capital made in USD.AI on September 22, 2025, following Bullish's August 2025 initial public offering. USD.AI currently reports $491 million in total deposits, a $236 million active loan pipeline, and over 76,000 users.