Key facts
- Bullish has provided USD.AI with a $100 million stablecoin-based debt facility.
Institutional crypto exchange Bullish has extended a $100 million stablecoin-based debt facility to USD.AI, a platform financing AI computing infrastructure. The funds will support loans secured by GPU hardware, aiming to enhance liquidity for GPU-backed debt.
This partnership facilitates crucial financing for AI infrastructure, bridging the gap between digital asset liquidity and the growing demand for computing power, potentially accelerating AI development and adoption.
Institutional crypto exchange operator Bullish has provided USD.AI with a $100 million stablecoin-based debt facility to finance loans secured by GPU infrastructure. USD.AI, developed by Permian Labs, connects stablecoin liquidity with demand for GPU infrastructure financing by offering loans backed by AI computing hardware.
USD.AI will utilize the new facility to lend to AI infrastructure operators, with the loans collateralized by the underlying GPU hardware. Bullish also announced plans to list USD.AI’s sUSDai token across multiple trading pairs and support it with a dedicated market-making program, aiming to improve secondary liquidity and price discovery for GPU-backed debt.
This facility builds on USD.AI's existing GPU financing business, which includes a $98.1 million loan backed by 2,304 Nvidia B300 GPUs and a $34 million loan backed by 768 Nvidia B200 GPUs. Bullish Capital also made a $4 million investment in USD.AI in September 2025.
Separately, Bullish shares have experienced a recent rally, gaining approximately 45% over the past month and trading around $33. This surge aligns with a broader recovery in digital asset markets, which has also seen gains in other crypto-related stocks like Strive, Canaan, and Circle.