Bullish backs USD.AI with $100M GPU-backed loan facility
6.8 Investments Bullish committed $100M to USD.AI for GPU-backed loans, linking stablecoin liquidity to AI hardware demand and supporting tokenized real-world assets.
Bullish has committed $100 million to USD.AI to finance loans backed by GPUs and other AI computing infrastructure. This marks a significant step in connecting stablecoin liquidity with the rising demand for AI hardware. The facility operates through special-purpose vehicles, offering non-recourse loans secured by senior liens on hardware, with loan-to-value ratios generally capped at 80%. Interest rates range from 7% to 15%, depending on offtake agreements. USD.AI separates financed hardware and its cash flows from the broader business, placing loan funds in escrow and paying equipment suppliers directly after installation and verification. The protocol currently holds over $225 million in crypto assets and has originated more than $100 million in GPU-backed loans. Bullish also plans to list the sUSDai token across multiple trading pairs, creating a secondary market for GPU-backed debt. This initiative aims to meet high private credit demand for AI infrastructure and tokenize real-world assets for access to crypto liquidity. Previously, Bullish invested $4 million in USD.AI, marking its first post-IPO investment.
