Institutional crypto exchange operator Bullish is providing USD.AI with a $100 million stablecoin debt facility to finance non-recourse loans backed by GPUs and other AI computing infrastructure, the companies announced. Extended through Bullish Capital, the line deepens a relationship that began with Bullish Capital’s $4 million investment in USD.AI in September 2025—Bullish’s first post-IPO investment after its August 2025 New York Stock Exchange listing under ticker BLSH. Bullish framed AI infrastructure lending as a capital-intensive private-credit segment whose scale already eclipses legacy markets such as auto loans and home equity lines of credit, and Head of Tokenization Thomas Cowan said onchain transparency supported institutional underwriting of the facility. In a follow-up, USD.AI said Bullish was minting $100 million of sUSDai for additional GPU loans; Bullish also plans to list the yield-bearing token with dedicated market-making. At 5 p.m. UTC on Aug. 28, the protocol’s API reported $265 million in loan reserves and $491.1 million in total value locked. USD.AI, developed by Permian Labs, generally structures credits as non-recourse facilities capped near 80% loan-to-value with fixed rates of 7% to 15% via borrower SPVs that hold GPUs, contracts, and revenue accounts. Disclosed loans include more than $132 million across 3,072 Nvidia B300 and B200 GPUs, with a mid-2026 pipeline cited above $1.2 billion. After Friday’s announcement BLSH shares were down 2%, though five-day gains reached about 10.5% and the stock had climbed more than 44% over the prior month, recently trading near $33 and still more than 60% below its $90 open. As of Aug. 29, 2026, GPU prices remained elevated—especially Nvidia consumer cards with higher VRAM—as valuations climbed again over the summer, underscoring that collateral risk centers on hardware depreciation and borrower repayment rather than crypto spot prices.