Overview
- Bullish supplied a $100 million stablecoin debt facility to USD.AI on Friday, Aug. 28, 2026, to finance loans secured directly by GPU hardware.
- USD.AI will originate non-recourse loans organized through special purpose vehicles that take senior liens on the financed GPUs, with typical loan terms that amortize over three years and lend-to-value ratios generally capped near 80%.
- Bullish will list USD.AI’s yield-bearing sUSDai token on its exchange and run a dedicated market‑making program to provide secondary liquidity and clearer price discovery for GPU‑backed debt.
- The deal builds on USD.AI’s prior originations and pipeline, which exceeded $100 million deployed by September 2025 and reported more than $1.2 billion in prospective loans by mid‑2026.
- The partnership could speed funding for data‑center operators and smaller AI builders by turning GPUs into tradable collateral, but it concentrates risk in hardware value and loan performance as newer GPU models and resale markets will affect recoveries for lenders and returns for token holders.