Bullish Provides $100M Stablecoin Facility to USD.AI for GPU-Backed AI Lending

Institutional crypto exchange operator Bullish has provided USD.AI with a $100 million stablecoin-based debt facility to finance loans secured by GPU infrastructure, the companies announced Friday. The facility enables USD.AI to lend directly to AI infrastructure operators, with each loan collateralized by the underlying GPU hardware rather than the borrowers' broader corporate balance sheets. The deal marks a significant expansion of onchain lending into the AI compute sector, where demand for financing has surged alongside the buildout of large-scale model training operations.

USD.AI is an onchain financing platform developed by Permian Labs that connects stablecoin liquidity with demand for GPU-backed credit. The platform previously announced a $98.1 million loan backed by 2,304 Nvidia B300 GPUs in June, followed by a $34 million loan secured by 768 Nvidia B200 GPUs that was fully funded. The new Bullish facility adds to that growing GPU financing portfolio and deepens the institutional capital base supporting AI compute expansion.

Bullish said it plans to list USD.AI's sUSDai token across multiple trading pairs and support it with a dedicated market-making program aimed at improving secondary liquidity and price discovery for GPU-backed debt instruments. The arrangement builds on Bullish Capital's $4 million equity investment in USD.AI from September 2025, signaling continued commitment to the platform's growth.

The announcement comes amid a broader rally in Bullish shares, which have gained roughly 45% over the past month to trade around $33 on Friday. The stock remains down more than 60% from its New York Stock Exchange debut in August 2025, when shares opened at $90 after a $1.03 billion IPO priced at $37. Crypto-related equities have rebounded alongside recovering digital asset markets, with Bitcoin treasury firm Strive gaining about 88% and Bitcoin miner Canaan rising roughly 55% over the same period.