Bullish is providing USD.AI with a $100 million debt facility aimed at channeling onchain capital into the rapid buildout of artificial intelligence infrastructure.

The funding will give USD.AI the liquidity to extend loans backed by GPUs, hardware that has become critical infrastructure for AI companies and applications. Demand for the chips has surged as the largest technology companies commit tens of billions of dollars to the data centers needed to train and run AI models, turning GPUs into a new class of collateral for lenders.

The partnership ties together the boom in AI infrastructure financing and crypto's push to tokenize real-world assets. USD.AI operates a stablecoin protocol designed to connect onchain capital with financing for AI infrastructure, and more than $225 million in crypto assets was locked in the protocol as of Aug. 28. Most tokenized real-world asset activity to date has centered on instruments such as US Treasuries and private credit, areas where mainstream asset managers including BlackRock have launched tokenized funds, and GPU-backed lending extends the model to physical AI hardware.

Alongside the debt facility, Bullish plans to list sUSDai across multiple trading pairs, giving investors a secondary market for exposure to GPU-backed credit.

Bullish previously invested $4 million in USD.AI, its first venture investment since the company completed its IPO. Bullish, which operates a global cryptocurrency exchange, listed its shares on the New York Stock Exchange in August 2025.