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 said Friday. The commitment creates a new source of lending capital for operators building out AI infrastructure.
The size of the facility stands out against USD.AI’s current base. At 5 p.m. UTC on Aug. 28, the protocol’s API showed $265 million in loan reserves and $491.1 million in total value locked.
USD.AI said the facility will back loans tied to AI buildout. In a follow-up statement, the protocol said Bullish is minting $100 million of sUSDai, with the capital set aside for additional GPU loans.
How the lending structure captures compute revenue
USD.AI’s published lending framework separates financed hardware and the cash flow generated by that hardware from the broader business of a GPU operator. The structure uses a dedicated borrower special-purpose vehicle, or SPV, set up beneath a parent holding company. GPUs, customer contracts, data-center agreements, and revenue accounts are assigned to that SPV.
USD.AI places committed loan funds into escrow. Once the servers are installed, independently verified, and brought online, the escrow agent pays the equipment manufacturer or an authorized supplier. The operating company does not directly receive the funds used to purchase the machines.
The compute customer then makes contracted payments into a revenue account controlled by the SPV. From there, the SPV pays principal and interest to USD.AI before any remaining revenue can be distributed to the operating company. USD.AI says it holds a first-priority claim over the relevant SPV assets as well as the SPV’s equity.
Protection in default, but not a loss-free structure
That setup is intended to preserve lenders’ claims on the machines and on the contracts supporting their revenue if an operator defaults. It does not remove the possibility of losses. In its documentation, USD.AI lists borrower default, collateral depreciation, counterparty failure, enforcement delays, and liquidation losses among the risks tied to asset-backed lending.