Bullish, the institutional crypto exchange operator, has extended a $100 million stablecoin-based debt facility to USD.AI to finance loans collateralized by GPU infrastructure, the companies said on Friday.
USD.AI, an onchain financing platform developed by Permian Labs, will use the facility to issue loans to AI infrastructure operators, with the debt secured specifically by the underlying GPU hardware rather than broader corporate assets. This structure aims to provide lenders with direct exposure to the collateralized computing assets driving AI workloads.
Bullish intends to list USD.AI’s sUSDai stablecoin across multiple trading pairs and support the token with a dedicated market-making program. The exchange expects this initiative to improve secondary liquidity and price discovery for GPU-backed debt instruments. The facility builds on USD.AI’s expanding GPU financing business, which has already facilitated loans totaling $132.1 million backed by Nvidia B300 and B200 GPUs.
The announcement follows Bullish’s $4 million investment in USD.AI in September 2025 and coincides with a recent rally in crypto-related equities. Bullish’s shares have gained 48% over the past month, trading near $33 on Friday, though the stock remains down over 60% from its August 2025 IPO price of $37. The company raised $1.03 billion in its NYSE listing, with shares opening at $90 on debut.
The broader crypto sector has also seen gains, with Bitcoin treasury company Strive up 88%, Bitcoin miner Canaan up 55%, and stablecoin issuer Circle up 40% over the past month amid a recovery in digital asset markets.
