$100M Stablecoin Facility for GPU Lending via Bullish and USD.AI
Bullish, an institutional crypto exchange and market infrastructure operator, has established a $100 million stablecoin-backed debt facility for USD.AI to fund loans secured by GPU hardware. This financing arrangement supports on-chain lending to AI infrastructure operators, with collateral tied to the computing equipment rather than the borrowers' broader corporate balance sheets.
The move reinforces USD.AI's strategy of turning stablecoin liquidity into GPU infrastructure credit and gives Bullish an additional pathway to deepen liquidity around GPU-backed tokenized debt through a dedicated trading and market-making effort. The facility will support on-chain lending to AI infrastructure operators, with collateral tied to the computing equipment rather than the borrowers' broader corporate balance sheets.
Bullish plans to list USD.AI's sUSDai across multiple trading pairs and run a market-making program to support liquidity. The company said it intends to list USD.AI's sUSDai token across multiple trading pairs, aiming to improve secondary liquidity and strengthen price discovery for debt products linked to GPU collateral.
This deal follows earlier capital support from Bullish Capital, which made a $4 million investment into USD.AI in September 2025. The continuity of the relationship suggests that Bullish is expanding an existing relationship into a larger operational role using stablecoin-backed debt infrastructure alongside trading and liquidity initiatives.