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Bullish provides USD.AI with $100 million for AI chip-backed loans
Crypto platform Bullish will provide USD.AI with $100 million in debt financing to support lending for artificial intelligence infrastructure. The loans will be backed by graphics processing units (GPUs) used to train and run AI models.
The financing will allow USD.AI to raise on-chain capital and direct it to companies that need computing capacity. The project therefore connects two rapidly growing markets — private credit for AI infrastructure and the use of crypto liquidity to finance real-world assets.
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Developed by Permian Labs, USD.AI is a stablecoin protocol designed to connect DeFi with financing for computing infrastructure. More than $225 million in crypto assets is currently locked in the protocol.
GPUs become collateral for loans
USD.AI will be able to use the funding from Bullish to issue loans backed by GPUs. These processors remain one of the key and most capital-intensive components of the data center infrastructure required for AI development.
Permian Labs CEO David Choi said computing capacity is gradually becoming a credit market in its own right. According to Choi, the Bullish financing will allow USD.AI to expand lending for AI infrastructure and develop the market for debt instruments backed by computing equipment.
USD.AI's model allows capital from the crypto sector to finance physical equipment. GPUs serve as collateral for loans, linking on-chain liquidity with assets outside the blockchain.
The deal also reflects growing demand for alternative sources of AI infrastructure financing. Building data centers and purchasing specialized processors require substantial investment, creating opportunities for private credit alongside traditional bank financing.
Bullish to create a market for USD.AI debt instruments
In addition to the credit facility, Bullish plans to list sUSDai across several trading pairs. The move is expected to create a secondary market for investors seeking exposure to GPU-backed debt instruments.
For Bullish, the agreement expands its presence beyond traditional cryptocurrency trading. The company is effectively providing infrastructure financing while using the crypto market as a source of capital for lending against physical equipment.
Bullish is also expanding its presence in traditional financial markets. In July 2025, the crypto exchange, which was spun out of Block.one and backed by investors including Peter Thiel and Nomura, filed for an IPO on the New York Stock Exchange under the ticker BLSH.
At the time, cumulative trading volume on the platform since its launch had reached $1.25 trillion, while average daily volume in the first quarter of 2025 stood at $2.5 billion. The move into public markets was part of Bullish's strategy to bring crypto infrastructure closer to traditional finance.
Earlier, we reported on the launch of Bitcoin-backed mortgages through Coinbase. Such products allow cryptocurrency holders to use their assets as collateral to obtain financing without selling them first.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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