Institutional crypto exchange operator Bullish has provided USD.AI with a $100 million stablecoin debt facility to finance loans secured by GPU infrastructure, the firms said Friday. USD.AI will deploy the capital to lend to AI infrastructure operators, structuring loans that are collateralized by the underlying GPU hardware rather than borrowers’ broader corporate assets.
USD.AI is an on-chain financing platform developed by Permian Labs that connects stablecoin liquidity to demand for AI compute financing. The platform specializes in loans backed by AI computing hardware, enabling investors and lenders to underwrite GPU-backed credit facilities using tokenized stablecoins.
As part of the agreement, Bullish plans to list USD.AI’s sUSDai token across multiple trading pairs and will support it with a dedicated market-making program. Bullish says the initiative should improve secondary liquidity and price discovery for debt instruments tied to GPU collateral.
The new facility builds on USD.AI’s expanding GPU-financing business. In June the company announced a $98.1 million loan backed by 2,304 Nvidia B300 GPUs, and it fully funded a $34 million loan secured by 768 Nvidia B200 GPUs. The deal also follows Bullish Capital’s earlier $4 million investment in USD.AI in September 2025.
Bullish itself went public in August 2025, raising roughly $1.03 billion after pricing its initial public offering at $37 per share; the stock opened near $90 on its first day of trading. Despite remaining more than 60% below its debut peak (per Yahoo Finance data), Bullish shares have rebounded recently, gaining about 45% over the past month to trade around $33 on Friday.
Bullish’s rally has occurred alongside gains in other crypto-linked equities as digital asset markets recover—recent month-to-month moves include a roughly 88% rise for Bitcoin treasury company Strive, about 55% for miner Canaan, and nearly 40% for stablecoin issuer Circle.
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