Crypto28 August, 20262 min read
Bullish Provides USD.AI $100 Million Stablecoin Facility For GPU-Backed Lending
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Bullish provides USD.AI with a $100 million stablecoin-based debt facility to fund GPU-backed loans. Loans are secured by GPU hardware, enabling USD.AI to finance AI infrastructure operators.
Bullish backs USD.AI loans
Institutional crypto exchange operator Bullish provided USD.AI with a $100 million stablecoin-based debt facility to finance loans secured by GPU infrastructure, the companies announced Friday. USD.AI will use the facility to lend to AI infrastructure operators, with the loans secured by the underlying GPU hardware rather than the borrowers’ broader corporate assets. Bullish said it plans to list USD.AI’s sUSDai across multiple trading pairs and support the token with a dedicated market-making program to improve secondary liquidity and price discovery for GPU-backed debt.
The facility adds to USD.AI’s growing GPU financing business, including a $98.1 million loan backed by 2,304 Nvidia B300 GPUs and a $34 million loan backed by 768 Nvidia B200 GPUs that was fully funded. Bullish also said the deal builds on Bullish Capital’s $4 million investment in USD.AI in September 2025.
Onchain tokenization and terms
USD.AI is described as an onchain financing platform developed by Permian Labs that provides financing backed by AI computing hardware, connecting stablecoin liquidity with demand for GPU infrastructure financing. Bullish and USD.AI said the arrangement will onboard sUSDai across multiple trading pairs supported by a dedicated market-making program, with the companies expecting deeper secondary liquidity and price discovery for GPU-based debt. David Choi, CEO of Permian Labs, said, "Bullish recognizes that compute is becoming a credit market in its own right," and added that the $100 million facility and institutional market infrastructure will help USD.AI finance more of the AI buildout.
The protocol’s published terms describe non-recourse loans secured by GPU infrastructure and the cashflows those assets generate, with recourse limited to the collateral itself and springing recourse only in the event of fraud or other malicious behavior. Under the protocol’s terms, loans run 36 months with straight-line amortization and no prepayment penalties, and they carry a 3 percent origination fee.
Market reach and institutional push
Bullish is targeting what it calls a capital-intensive sector that has rapidly become one of the largest in private credit, with a scale that eclipses legacy debt markets such as auto loans and home equity lines of credit (HELOCs). In a statement, Thomas Cowan, Head of Tokenization at Bullish, said, "Our commitment to USD.AI reflects a conviction we've believed since our first investment in the protocol: that credible, well-structured real-world assets belong onchain." Bullish said the facility is powered by Bullish Exchange’s deep liquidity and that it will onboard sUSDai across multiple trading pairs supported by a dedicated market-making program.
StockTitan reported that following the news, BLSH declined 3.69% and said the stock was trading at $32.32. Cointelegraph also framed the announcement as Bullish providing $100 million in stablecoin liquidity to support loans backed by AI computing infrastructure, with the loans secured by GPU hardware rather than broader corporate assets.