Blockworks researcher Nick Carpinito said he remains constructive on USD.AI's sUSDai and raised CHIP from underweight to neutral. According to ChainCatcher, sUSDai currently offers a net yield of 6.98%, with loan interest accounting for about three-quarters of that return.

Carpinito said the gradual increase in custody conversion should create a mechanical uplift in yield. He noted that deployed principal has reached $272.4 million across 17 loans, representing 46% of the protocol's $586 million TVL, while another $312.1 million has signed term sheets.

CHIP is trading at about $0.041, implying a fully diluted valuation of roughly $408 million. Carpinito said he remains constructive on sUSDai, with net yield at 6.98% and potential to rise above 8% as custody conversion progresses, while CHIP stays neutral until fee routing or the April 2027 unlock cliff provides clearer direction.