USD.AI Secures $100 Million Credit Facility From Bullish to Power AI Buildout

USD.AI has secured a $100 million stablecoin-based debt facility from digital asset platform Bullish to power its GPU financing ecosystem, USD.AI said in a Friday (Aug. 28) press release.

Together with the debt facility, Bullish and USD.AI are expanding their joint research initiative to optimize capital formation models for the artificial intelligence capital expenditure sector, according to the release.

The companies aim to use Bullish’s institutional market structure expertise and USD.AI’s GPU financing architecture to connect on-chain liquidity with the demand for AI compute, per the release.

David Choi, CEO of Permian Labs, the developer of USD.AI, said in the release that Bullish sees compute becoming a credit market in its own right and that the company can help scale this asset class onchain and expand institutional participation.

“[Bullish’s] $100 million facility and institutional market structure will help USD.AI finance more of the AI buildout while creating deeper, more transparent markets for compute-backed credit,” Choi said.

The facility marks Bullish’s entry into middle-market AI infrastructure financing, according to the release.

“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,” Bullish Head of Tokenization Thomas Cowan said in the release. “USD.AI’s onchain transparency gave us the visibility to underwrite this facility with the same institutional diligence we apply across our platform, and backing it is a meaningful step toward bringing tokenized assets to institutional scale.”

USD.AI announced in August 2025 that it raised $13.4 million in a Series A funding round to scale its “yield-bearing stablecoin backed by GPU hardware.”

The company said that its synthetic dollar protocol treats GPUs like commodities, looks at the hardware itself to issue loans programmatically, and cuts origination times from months to less than a week.

“No guesswork, and no service terms,” Choi said in the release. “If you meet the protocol’s standards, you get a loan, fast. We think the era of gatekept capital is ending, and USD.AI can unlock funding for the long tail, enabling entirely new ecosystems to emerge.”

It was reported in December that PayPal linked its PYUSD stablecoin to on-chain funding mechanisms for USD.AI and that loans issued by USD.AI to finance GPUs, data centers and other AI infrastructure would be denominated in PYUSD.

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