Bullish Backs USD.AI with $100M for AI Infrastructure Loans
Bullish, an institutional crypto exchange operator, has entered into a $100 million stablecoin-based debt facility with USD.AI to finance loans secured by GPU infrastructure. The deal will enable USD.AI to lend to AI infrastructure operators, with the loans backed by the underlying GPU hardware rather than the borrowers' broader corporate assets.
The facility will add to USD.AI's growing GPU financing business. In June, it announced a $98.1 million loan backed by 2,304 Nvidia B300 GPUs, while a $34 million loan backed by 768 Nvidia B200 GPUs was fully funded.
Bullish plans to list USD.AI's sUSDai across multiple trading pairs and support the token with a dedicated market-making program, which it expects will improve secondary liquidity and price discovery for GPU-backed debt. This deal builds on Bullish Capital's $4 million investment in USD.AI in September 2022.