Bullish Backs USD.AI With $100M Stablecoin Line for GPU-Backed Loans

Bullish, an institutional crypto exchange operator, has announced a $100 million stablecoin-backed debt facility with USD.AI to fund AI-focused loans secured by GPU infrastructure. This arrangement is designed to channel stablecoin liquidity into demand for compute hardware while tightening collateral coverage by tying repayment to specific GPU assets.

USD.AI provides onchain financing backed by AI computing hardware, using the GPU as the primary collateral rather than relying on a borrower's broader corporate balance sheet. Bullish says it will also list USD.AI's sUSDai token across multiple trading pairs and run a dedicated market-making program to support secondary liquidity and price discovery.

The facility is an expansion of USD.AI's existing financing pipeline, which has already seen successful GPU-backed lending deals, including a $98.1 million loan backed by 2,304 NVIDIA B300 GPUs and a $34 million loan backed by 768 NVIDIA B200 GPUs. Bullish Capital made a $4 million investment into USD.AI in September 2025.