Bullish backs GPU loans with $100M stablecoin facility

Bullish has extended a $100 million stablecoin debt facility to USD.AI, a protocol that will put the capital into loans backed by GPUs and other AI computing infrastructure, the companies announced Friday in a deal first reported by The Defiant. Bullish will mint $100 million of sUSDai to fund it, and the capital will be deployed into additional GPU loans; at 5 p.m. UTC on Aug. 28, USD.AI's API showed $265 million in loan reserves and $491.1 million in total value locked, making the new facility roughly a fifth of the protocol's TVL.

The structure matters more than the size. USD.AI's lending framework pushes financed hardware and its cash flows into a dedicated special-purpose vehicle beneath the operator's parent company, with the GPUs, customer contract, data-center agreement, and revenue accounts assigned to the SPV. Committed loan funds sit in escrow until the servers are installed and independently verified; the escrow agent then pays the equipment manufacturer or authorized supplier directly, so the operating company never receives the money that buys the machines.

The compute customer makes contracted payments into the SPV's controlled revenue account, and the SPV pays principal and interest to USD.AI before remaining revenue may be distributed upward. USD.AI says it holds a first-priority claim on the SPV's assets and equity, tying the lender's recovery to the machines and their revenue contracts rather than to the operator's general credit. The design does not eliminate the risk of loss: USD.AI's documentation lists borrower default, collateral depreciation, counterparty failure, enforcement delays and liquidation losses as hazards of asset-backed lending.

The facility is a rounding error against the AI buildout's capital needs, but it is a meaningful step for stablecoin credit. Yield-bearing products will crowd out zero-yield stablecoin collateral, as PWD has argued, and Bullish is converting a stablecoin issuance into a secured credit instrument anchored to physical infrastructure. The SPV template is what makes a depreciating asset like a GPU bankable. If that template survives a default, it becomes a blueprint for stablecoin lenders moving into equipment finance.