Bullish provides USD.AI $100M stablecoin facility for GPU-backed 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.

USD.AI will use the facility to lend to AI infrastructure operators, with the loans secured by the underlying GPU hardware rather than the borrowers’ broader corporate assets.

USD.AI is an onchain financing platform developed by Permian Labs that provides financing backed by AI computing hardware, connecting stablecoin liquidity with demand for GPU infrastructure financing.

Bullish said it plans to list USD.AI’s sUSDai across multiple trading pairs and support the token with a dedicated market-making program, which it expects to improve secondary liquidity and price discovery for GPU-backed debt.

The facility adds to USD.AI’s growing GPU financing business. In June, it announced a $98.1 million loan backed by 2,304 Nvidia B300 GPUs, while a $34 million loan backed by 768 Nvidia B200 GPUs was fully funded.

The deal also builds on Bullish Capital’s $4 million investment in USD.AI in September 2025.

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