Bullish has provided USD.AI with a $100 million stablecoin-based debt facility to finance loans backed 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 GPUs rather than the borrowers’ wider corporate assets. Bullish also plans to list USD.AI’s sUSDai token across multiple trading pairs and support it with a dedicated market-making programme. The move connects stablecoin liquidity with the rapidly growing demand for financing AI computing infrastructure.
USD.AI is an onchain financing platform developed by Permian Labs. Its business model is built around lending against AI computing hardware, particularly GPUs that operators use to provide computing capacity.
The new facility could help USD.AI expand this business as demand for AI infrastructure continues to grow. In June, the platform announced a $98.1 million loan backed by 2,304 Nvidia B300 GPUs. Another $34 million loan, secured by 768 Nvidia B200 GPUs, was also fully funded.
Bullish is taking a broader role in the arrangement. It plans to list sUSDai across several trading pairs and provide dedicated market-making support. The companies expect this to improve secondary-market liquidity and make it easier for investors to discover the price of debt backed by GPU infrastructure.
The latest deal also builds on an existing relationship. Bullish Capital invested $4 million in USD.AI in September 2025, giving the crypto exchange operator an earlier connection to the GPU-financing business.
The development comes as crypto and AI increasingly overlap. Stablecoins can provide a faster way to move dollar liquidity onchain, while tokenised credit can potentially give investors access to new forms of financing linked to physical infrastructure.
Bullish itself has had a volatile year in the public markets. The company listed on the New York Stock Exchange in August 2025 after pricing its IPO at $37 a share and raising about $1.03 billion. Its stock opened at $90 on the first day. The shares later fell sharply, although they have recently recovered.
The company’s shares were around $33 in the Friday trading session cited in the report, still more than 60% below the first-day opening price. The stock had gained roughly 45% over the previous month. The recent recovery has come alongside a broader rebound in crypto-related equities.
The broader trend, however, remains interesting: capital is increasingly moving between crypto, stablecoins and AI infrastructure. GPU-backed lending is one example of how digital assets are being used not just for trading, but as a financing layer for the physical technology powering the AI boom.
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