Bullish Backs USD.AI with $100M Facility for GPU-Backed Loans

Developed by Permian Labs, USD.AI functions by connecting stablecoin liquidity directly to companies procuring Nvidia GPUs. Rather than evaluating a borrower’s general creditworthiness, the platform issues loans secured exclusively by the hardware itself. This non-recourse structure allows operators to bypass traditional balance sheet claims, though repayment remains tied to the income and resale value of the underlying computing units. The protocol has already demonstrated significant activity, including a $98.1 million loan backed by 2,304 Nvidia B300 units and a $34 million facility secured by 768 B200 GPUs.

Thomas Cowan, Bullish’s head of tokenization, noted that the firm utilized USD.AI’s on-chain records to apply institutional underwriting standards during the assessment process. Beyond the debt facility, Bullish intends to list sUSDai—the protocol’s yield-bearing token—on its institutional exchange. By introducing a dedicated market-making program for the token, the exchange hopes to foster secondary liquidity and improve price discovery for debt backed by AI infrastructure. This arrangement follows Bullish Capital’s initial $4 million investment in the protocol last September, signaling a deepening commitment to integrating tokenized real-world assets into its broader trading ecosystem.