Institutional crypto exchange Bullish provides USD.AI with a hundred million dollar stablecoin based debt facility to finance loans secured by GPU infrastructure.
USD.AI, built by Permian Labs, lends capital to AI infrastructure operators using their graphics processing units as collateral rather than broader corporate assets.
The structure creates non recourse loans, meaning repayment obligations stay tied to the pledged hardware instead of the borrower’s wider balance sheet.
Permian Labs chief executive David Choi says compute is becoming its own credit market, describing GPUs as productive assets worth financing directly.
Choi adds that Bullish’s facility and institutional market infrastructure will let USD.AI fund more of the AI buildout while deepening transparency around compute backed credit.
Bullish also plans to list USD.AI’s yield bearing token, sUSDai, across multiple trading pairs, supported by a dedicated market making program.
That listing aims to build secondary market liquidity for GPU backed debt, giving investors a way to trade exposure to compute financing.
USD.AI has already closed sizeable transactions this year, including a ninety eight million dollar loan backed by over two thousand Nvidia B300 GPUs in June.
A separate thirty four million dollar facility secured by Nvidia B200 units was also fully funded, bringing total disclosed GPU backed lending past one hundred thirty million dollars.
More than two hundred twenty five million dollars in crypto assets currently sit locked in the USD.AI protocol, reflecting steady growth in demand for compute financing.
Bullish previously invested four million dollars in USD.AI, a stake that marked the exchange’s first venture investment following its own IPO last year.
The deal reflects two converging trends. Private credit is expanding into AI capital expenditure, while crypto platforms push further into tokenizing real world assets.
GPUs can lose value quickly as newer hardware ships, so collateral checks and repayment terms remain central to how lenders manage risk in this niche.
