Bullish Provides USD.AI $100 Million Facility for GPU-Backed Loans

Bullish is providing USD.AI with a $100 million stablecoin debt facility to finance loans backed by GPUs and other AI computing infrastructure, the companies announced Friday. The commitment adds a new pool of capital for lending to AI infrastructure operators.

The facility is large against USD.AI’s current base. At 5 p.m. UTC on Aug. 28, the protocol’s API reported $265 million in loan reserves and $491.1 million in total value locked.

USD.AI said the facility would support loans tied to the AI buildout. In a follow-up, the protocol said Bullish was minting $100 million of sUSDai and that the capital would be used for more GPU loans.

Compute Revenue

USD.AI’s published lending framework separates financed hardware and its cash flows from a GPU operator’s wider business. A dedicated borrower special-purpose vehicle, or SPV, is established beneath a parent holding company. The GPUs, customer contract, data-center agreement and revenue accounts are assigned to that structure.

USD.AI places committed loan funds in escrow. After the servers are installed, independently verified and brought online, the escrow agent pays the equipment manufacturer or authorized supplier. The operating company does not directly receive the money used to buy the machines.

The compute customer then makes contracted payments into the SPV’s controlled revenue account. The SPV pays principal and interest to USD.AI before remaining revenue may be distributed to the operating company. USD.AI says it holds a first-priority claim over the relevant SPV assets and the SPV’s equity.

That structure is designed to preserve lenders’ claim on the machines and the contracts supporting their revenue if the operator defaults. It does not eliminate losses: USD.AI’s documentation identifies borrower default, collateral depreciation, counterparty failure, enforcement delays and liquidation losses as risks of asset-backed lending.