Institutional crypto exchange operator Bullish has provided USD.AI with a $100 million stablecoin-based debt facility to finance loans secured by GPU infrastructure, the companies announced Friday.
USD.AI will use the facility to lend to AI infrastructure operators, with the loans secured by the underlying GPU hardware rather than the borrowers’ broader corporate assets.
USD.AI is an onchain financing platform developed by Permian Labs that provides financing backed by AI computing hardware, connecting stablecoin liquidity with demand for GPU infrastructure financing.
Bullish said it plans to list USD.AI’s sUSDai across multiple trading pairs and support the token with a dedicated market-making program, which it expects to improve secondary liquidity and price discovery for GPU-backed debt.
The facility adds to USD.AI’s growing GPU financing business. In June, it announced a $98.1 million loan backed by 2,304 Nvidia B300 GPUs, while a $34 million loan backed by 768 Nvidia B200 GPUs was fully funded.
The deal also builds on Bullish Capital’s $4 million investment in USD.AI in September 2025.
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Bullish shares gain 48% over past month
Bullish went public on the New York Stock Exchange in August 2025, raising about $1.03 billion after pricing its initial public offering at $37 per share. The stock opened at $90 on its first day of trading.
The company’s shares remain down more than 60% from their public debut, according to Yahoo Finance data. However, the stock has recently rebounded, gaining about 45% over the past month to trade around $33 on Friday.
Bullish’s recent rally comes as other crypto-related stocks have gained alongside a recovery in digital asset markets. Over the past month, Bitcoin treasury company Strive has gained about 88%, Bitcoin miner Canaan around 55% and stablecoin issuer Circle nearly 40%.
Strive stock price over the past month. Source: Yahoo Finance
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