The operator of the institutional crypto exchange Bullish has provided USD.AI with $100 million in stablecoin debt financing for issuing loans collateralized by GPU infrastructure, the companies announced on Friday.
USD.AI will use this financing to lend to AI infrastructure operators, with the underlying GPU equipment serving as collateral for the loans, rather than the borrowers' broader corporate assets.
USD.AI is an on-chain financing platform developed by Permian Labs. It provides financing collateralized by AI computing equipment, connecting stablecoin liquidity with the demand for GPU infrastructure funding.
Bullish stated that it plans to add USD.AI's sUSDai to several trading pairs and support the token with a special market-making program, which is expected to improve the secondary liquidity and price discovery process for GPU-collateralized debt obligations.
This financing expands USD.AI's growing GPU financing business. In June, the company reported a $98.1 million loan collateralized by 2,304 Nvidia B300 GPUs, and a $34 million loan collateralized by 768 Nvidia B200 GPUs was fully funded.
The deal also continues the development of Bullish Capital, which invested $4 million in USD.AI in September 2025.
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Bullish Stock Has Risen 48% Over the Past Month
Bullish debuted on the New York Stock Exchange in August 2025, raising about $1.03 billion after pricing its shares in an initial public offering at $37 per share. On its first trading day, the stock opened at $90.
According to Yahoo Finance, the company's shares are still more than 60% below their debut level. However, they have recently recovered, gaining about 45% over the past month and reaching around $33 by Friday.
The recent rally in Bullish comes amid a rise in other crypto-related stocks accompanying the recovery in digital asset markets. Over the past month, Strive, which holds bitcoin reserves, has gained about 88%, bitcoin miner Canaan has risen about 55%, and stablecoin issuer Circle is up nearly 40%.
Strive's stock price over the past month. Source: Yahoo Finance
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