In AI news today, Bullish will provide USD.AI with a $100M stablecoin debt facility to fund non-recourse loans backed by GPUs and other AI computing infrastructure, according to a social media post from USD.AI.
The arrangement connects crypto liquidity with physical data-center hardware and expands Bullish’s role into AI infrastructure financing.
USD.AI, developed by Permian Labs, is a stablecoin protocol designed to connect decentralized finance with financing for computing infrastructure, according to Traders Union. More than $225M in crypto assets was locked in the protocol at the time of publication.
The facility is intended to direct additional on-chain capital to companies that need GPU capacity to train and run AI models. The deal links private credit for AI infrastructure with the use of crypto liquidity to finance real-world assets.
AI News: How Bullish’s GPU-Backed Facility Works
Under the arrangement, Bullish’s debt financing allows USD.AI to issue loans secured by GPUs, which a Traders Union report \describes as among the most capital-intensive components of the data-center infrastructure required for AI development.
The structure allows on-chain capital raised through USD.AI to flow to operators of AI computing capacity, with the hardware serving as collateral rather than the borrower’s broader corporate balance sheet.
The mechanism links on-chain liquidity with assets outside the blockchain. Traders Union reported that USD.AI’s model allows capital from the crypto sector to finance physical equipment, with GPUs serving as collateral for loans.
Permian Labs CEO David Choi said computing capacity is gradually becoming a credit market in its own right, and that the Bullish financing would allow USD.AI to expand lending for AI infrastructure and develop the market for debt instruments backed by computing equipment.
The facility addresses financing needs associated with data-center construction and specialized processor purchases, both of which require substantial investment.
Those capital requirements create opportunities for private credit alongside traditional bank financing, while USD.AI is positioning stablecoin deposits as a source of capital for computing infrastructure.
What the Deal Means for Crypto and AI Infrastructure
In other AI news, beyond the lending facility, Bullish plans to list USD.AI’s yield-bearing sUSDai token across several trading pairs, a move intended to create secondary-market liquidity for investors seeking exposure to GPU-backed debt instruments.
For Bullish, the agreement expands its presence beyond conventional cryptocurrency trading into infrastructure financing, using crypto-market liquidity as a funding source for loans against physical equipment.
The timing follows Bullish’s move toward traditional capital markets. The exchange, which was spun out of Block.one and backed by investors including Peter Thiel and Nomura, filed for an initial public offering on the New York Stock Exchange under the ticker BLSH in July 2025.
At that time, cumulative trading volume on the platform since launch had reached $1.25 trillion, while average daily volume in the first quarter of 2025 stood at $2.5Bn.
The agreement brings stablecoin-based financing to the market for AI computing infrastructure, with USD.AI using GPU hardware as collateral and Bullish planning to provide trading support for sUSDai. It also reflects Bullish’s stated expansion beyond traditional cryptocurrency trading.
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