Bullish Commits $100M to Stablecoin Loans Backed by High-Performance GPUs

Bullish, an NYSE-listed exchange, has committed $100 million in stablecoin loans to USD.AI's GPU-collateralized lending protocol. This is a significant test of whether physical compute hardware can function as institutional-grade real-world asset collateral.

The system relies on GPU Warehouse Receipt Tokens (GWRTs), which are digital receipts representing verified ownership of physical hardware, minted via USD.AI’s modular tokenization primitive, CALIBER. By treating GPU clusters as collateral, borrowers can access USDC stablecoin liquidity at 70-80% loan-to-value ratios.

Bullish operates under a complex web of international frameworks, including BaFin in Germany and the SFC in Hong Kong. The firm's involvement signals that this is not a retail-facing novelty, but a serious attempt at institutional capital deployment.