CoinDesk reports that Bullish has extended a $100 million USD.AI GPU loan facility, supplying stablecoin liquidity to fund non-recourse loans secured by high-performance computing hardware used in AI infrastructure build-outs.
The facility, disclosed on Friday, will allow USD.AI, developed by Permian Labs, to originate loans for middle-market AI infrastructure operators. Ownership of the financed hardware serves as collateral; the debt creates no claim against the borrower’s wider corporate assets. Repayment depends on income generated by the equipment and its resale value over time.
As of the announcement date, crypto assets worth over $225 million were locked in the USD.AI protocol, according to CoinDesk.
Inside the USD.AI GPU Loan Facility Structure
USD.AI settles financing onchain, giving capital providers exposure to yield from loans backed by income-producing computing hardware. The protocol describes the funding as non-dilutive: operators borrow against equipment without surrendering equity.
Bullish Head of Tokenisation Thomas Cowan said the company relied on USD.AI’s onchain records when assessing the facility. Bullish Capital had already made a $4 million investment in the protocol in September 2025 before agreeing to the new debt facility.
‘Our commitment to USD.AI reflects a conviction we’ve believed since our first investment in the protocol: that credible, well-structured real-world assets belong onchain,’ Cowan said.
The USD.AI GPU loan facility adds another stablecoin source to a protocol that has been scaling its loan book quickly. In June 2026, Yahoo Finance reported that USD.AI provided a three-year, $98.1 million facility supporting deployment of 2,304 Nvidia B300 GPUs operated by Duos Edge AI, a subsidiary of Duos Technologies Group (Nasdaq: DUOT), managed through Hydra Host’s Brokkr AI Factory Operating System. A separate $34 million facility backed by 768 Nvidia B200 GPUs went to NexGen Cloud for a deployment in Sweden, according to USD.AI’s Insights page.
Those two deals combined involved 3,072 GPUs and more than $132 million in financing. Then, on 23 September 2026, USD.AI announced its largest deal yet: a $128.9 million asset-backed facility supporting 32 Nvidia GB200 NVL72 systems deployed in British Columbia for an undisclosed publicly listed GPU cloud provider under a multi-year agreement with what USD.AI described as a blue-chip, investment-grade counterparty, per the USD.AI facility announcement.
Wilmington Trust has also joined as escrow agent for USD.AI GPU financings, enabling capital providers to earn yield at loan signing rather than waiting for server installation, according to USD.AI’s Insights page.
Permian Labs CEO David Choi framed the direction plainly: ‘Compute is becoming a credit market in its own right.’ He added that the Bullish facility would let USD.AI finance more infrastructure and develop trading markets for compute-backed debt.
sUSDai Listing and the Broader Compute Credit Market
Alongside the lending facility, Bullish plans to list sUSDai, the protocol’s yield-bearing token, across several trading pairs on its institutional exchange, supported by a dedicated market-making programme. The companies did not disclose planned trading pairs, a launch date, or the market-making budget.
Separately, USD.AI and Fluid have launched a $100 million decentralised-exchange liquidity facility to support deeper liquidity for sUSDai, per USD.AI’s Insights page.
The GPU compute middle market, defined by Permian Labs COO Conor Moore as financings of $50 million to $250 million, is not a niche corner of credit. Writing on USD.AI’s website in July 2026, Moore estimated that over an eight-month span the protocol tracked $13 billion in deals across more than 200 neoclouds in that segment, which he sized at $2 trillion in spending through 2030, according to Unite.AI.
Bullish and USD.AI are not the only parties building in this space. Nvidia’s newsroom confirmed partnerships with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR to establish AI compute infrastructure financing platforms targeting mobilisation of over $500 billion of third-party capital, positioning Nvidia hardware as a productive infrastructure asset class.
For NYSE-listed Bullish (BLSH), the facility adds AI infrastructure lending to the exchange operator’s existing tokenised-asset business. The company completed its NYSE debut in August 2025, pricing shares at $37 and raising roughly $1.03 billion; the stock opened at $90. BlackRock-managed funds and ARK Investment Management accounts had indicated interest in purchasing up to $200 million of stock at IPO.
BLSH remains more than 60% below its $90 opening price. Shares traded around $33 on Friday after gaining approximately 45% during the preceding month, per the company’s announcement; Cointelegraph, via TradingView, put the one-month gain at 48%.
GPU collateral values are the key risk variable: newer Nvidia generations can compress the resale floor on older hardware faster than loan tenors, which makes the performance of deals like the June 2026 B300 facility a live stress test for the protocol’s underwriting model.
