Institutional crypto exchange Bullish has provided USD.AI with a $100 million stablecoin-based debt facility to finance loans backed by AI computing infrastructure.
USD.AI will use the capital to lend to AI infrastructure operators, with the loans secured by GPU hardware rather than borrowers’ broader corporate assets. The platform, developed by Permian Labs, connects stablecoin liquidity with financing demand for AI computing equipment.
Bullish also plans to list USD.AI’s sUSDai token across multiple trading pairs and support it with a dedicated market-making program to improve liquidity and price discovery for GPU-backed debt.
USD.AI has already financed several large GPU-backed loans, including a $98.1 million facility secured by 2,304 Nvidia B300 GPUs and a $34 million loan backed by 768 Nvidia B200 GPUs.
The deal expands an existing relationship between the companies after Bullish Capital invested $4 million in USD.AI in September 2025.
Bullish shares have also rebounded strongly, gaining roughly 45% over the past month to trade near $33, although they remain more than 60% below their public-market debut level.
USD.AI will use the capital to lend to AI infrastructure operators, with the loans secured by GPU hardware rather than borrowers’ broader corporate assets. The platform, developed by Permian Labs, connects stablecoin liquidity with financing demand for AI computing equipment.
Bullish also plans to list USD.AI’s sUSDai token across multiple trading pairs and support it with a dedicated market-making program to improve liquidity and price discovery for GPU-backed debt.
USD.AI has already financed several large GPU-backed loans, including a $98.1 million facility secured by 2,304 Nvidia B300 GPUs and a $34 million loan backed by 768 Nvidia B200 GPUs.
The deal expands an existing relationship between the companies after Bullish Capital invested $4 million in USD.AI in September 2025.
Bullish shares have also rebounded strongly, gaining roughly 45% over the past month to trade near $33, although they remain more than 60% below their public-market debut level.