Bullish has agreed to provide USD.AI with a $100 million stablecoin-based debt facility to finance loans backed by graphics processing units and other high-performance computing assets. The arrangement aims to channel on-chain liquidity into the capital-intensive sector of building infrastructure that powers artificial intelligence systems.

USD.AI, a stablecoin protocol developed by Permian Labs, is designed to link demand for AI compute financing with crypto capital pools. As of the announcement, more than $225 million in crypto assets were locked in the protocol. The new facility will give USD.AI additional liquidity to originate loans secured specifically against GPUs rather than broader corporate balance sheets.

Structure of the Financing Arrangement

The loans will be asset-backed and non-recourse, meaning they are secured by the underlying hardware and associated contracts. This structure is intended to isolate risk at the infrastructure level and allow AI operators to expand capacity without diluting equity or placing the full corporate balance sheet at risk.

Bullish also intends to list USD.AI’s yield-bearing token, sUSDai, across multiple trading pairs on its exchange. A dedicated market-making program will accompany the listings, with the goal of improving secondary liquidity and price discovery for exposure to GPU-backed debt.

Prior Relationship and Broader Context

The latest commitment builds on an earlier equity investment. In September 2025, Bullish Capital placed $4 million into USD.AI, marking the platform’s first investment of any kind after its initial public offering the previous month.

USD.AI has already scaled its lending activity. In recent months the protocol approved a facility of up to $500 million for an Australian AI infrastructure firm expanding GPU capacity across the Asia-Pacific region. Separate transactions have included a $98.1 million loan secured by 2,304 Nvidia B300 GPUs and a fully funded $34 million facility backed by 768 Nvidia B200 units.

The deal sits at the intersection of two trends: rising private-credit demand for AI infrastructure and ongoing efforts to tokenize real-world assets so they can access crypto liquidity. Bullish, which trades on the New York Stock Exchange under the ticker BLSH, has separately pursued tokenization initiatives, including an agreement to acquire transfer-agent Equiniti and the trading of tokenized shares of its own stock.

Market Position of the Protocol

USD.AI operates a dual-token model consisting of USDai, a liquid stablecoin, and sUSDai, its yield-bearing counterpart. Protocol value locked stood near $176.6 million at the time of the announcement, according to available on-chain data trackers. The platform has reported cumulative secondary trading volume in its debt instruments exceeding $10 billion and a pipeline of GPU-backed financing facilities in the billions of dollars.

By supplying both balance-sheet liquidity and secondary-market support, Bullish is positioning itself deeper inside the emerging compute-credit market. The facility is expected to increase USD.AI’s capacity to originate non-dilutive, hardware-secured loans for operators building out high-performance computing capacity.