Institutional cryptocurrency 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, an onchain financing platform developed by Permian Labs, will use the facility to lend to AI infrastructure operators. The loans are secured by the underlying GPU hardware itself rather than the borrowers' broader corporate assets. The platform connects stablecoin liquidity with demand for GPU infrastructure financing backed by AI computing hardware — a lending model that reflects the capital-intensive nature of the AI buildout, where top-end data center GPUs from Nvidia and other vendors can cost tens of thousands of dollars per unit and are typically procured in large clusters.

Bullish said it plans to list USD.AI's sUSDai token across multiple trading pairs and support it with a dedicated market-making program, which the exchange expects will improve secondary liquidity and price discovery for GPU-backed debt. Tokenizing the debt and listing it on an exchange is part of a broader trend of bringing real-world assets onchain, where credit instruments are represented as transferable tokens.

The new facility adds to USD.AI's expanding GPU financing business. In June, the platform announced a $98.1 million loan backed by 2,304 Nvidia B300 GPUs, while a separate $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, its first since Bullish's initial public offering. For Bullish, which operates a regulated exchange and custody business, the facility extends its balance-sheet deployment beyond spot trading services into credit tied to the AI hardware sector.

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 IPO at $37 per share. The stock opened at $90 on its first day of trading.

According to Yahoo Finance data, the company's shares remain down more than 60% from their public debut. 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%, according to Yahoo Finance data.