Bullish provides USD.AI with $100M stablecoin debt facility

Bullish provided USD.AI with a $100 million stablecoin-based debt facility. USD.AI will use the facility to lend to AI infrastructure operators. The loans will be secured by GPU hardware rather than the borrowers' broader corporate assets. Permian Labs developed USD.AI as an onchain financing platform for AI computing hardware. The platform connects stablecoin liquidity with demand for GPU infrastructure financing. Bullish plans to list USD.AI's sUSDai token across multiple trading pairs. Bullish also plans to support the token with a dedicated market-making program. Bullish expects the program to improve secondary liquidity and price discovery for GPU-backed debt. USD.AI announced a $98.1 million loan in June that was backed by 2,304 Nvidia B300 GPUs. A separate $34 million loan backed by 768 Nvidia B200 GPUs was fully funded. Bullish Capital invested $4 million in USD.AI in September 2025. Bullish went public on the New York Stock Exchange in August 2025. The company raised about $1.03 billion after pricing its initial public offering at $37 per share. The stock opened at $90 on its first trading day. Bullish shares remained down more than 60% from their public debut, according to Yahoo Finance data. The shares gained about 45% over the past month to trade around $33 on Friday. Over the same period, Strive gained about 88%, Canaan gained around 55%, and Circle gained nearly 40%.