GPU debt is becoming its own asset class, and Bullish wants in. The deal flows $100M in stablecoins to USD.AI, an onchain lending protocol whose loans are secured by GPU hardware. It marks the exchange’s first push into middle-market AI infrastructure financing.
Bullish sees a private credit market that has grown enormous, larger in scale than auto loans or home equity lines. David Choi, chief executive of Permian Labs, which develops USD.AI, argues compute has matured into its own credit market.
The exchange’s own marketplace supplies the liquidity behind the facility. USD.AI’s yield-bearing token, sUSDai, is being listed across several trading pairs, with a market-making program attached. The companies expect those markets to sharpen price discovery for compute-backed debt.
Borrowers put down 20 to 30 percent of hardware cost and the protocol finances the rest. The financed servers sit inside a bankruptcy-remote vehicle, with USD.AI holding a first-priority claim on the hardware. Borrowers face no personal exposure beyond the collateral, except where fraud is alleged.
