Bullish, an institutionally focused global digital asset platform that provides market infrastructure and information services, announced its strategic entry into middle-market AI infrastructure financing through a $100 million stablecoin-based liquidity facility provided to USD.AI. The investment is intended to support USD.AI’s GPU financing ecosystem, enabling it to lend capital directly against high-performance computing assets.

With the facility, Bullish is targeting a capital-intensive sector that has rapidly emerged as one of the largest in private credit, with a scale that eclipses legacy debt markets such as auto loans and home equity lines of credit (HELOCs). As AI infrastructure spending grows, financing for GPUs and other compute assets is becoming a more visible part of how the sector is funded, creating a need for market structures that can support borrowing, liquidity, and pricing.

“Our commitment to USD.AI reflects a conviction we’ve believed since our first investment in the protocol: that credible, well-structured real-world assets belong onchain. USD.AI’s onchain transparency gave us the visibility to underwrite this facility with the same institutional diligence we apply across our platform, and backing it is a meaningful step toward bringing tokenized assets to institutional scale,” said Thomas Cowan, Head of Tokenization at Bullish.

The $100 million debt facility is powered by Bullish Exchange’s deep liquidity. As part of the initiative, Bullish will onboard sUSDai across multiple trading pairs, supported by a dedicated market-making program. Once live, these markets are expected to deepen secondary liquidity and price discovery for GPU-based debt, helping establish a more transparent market for the cost of compute.

“Bullish recognizes that compute is becoming a credit market in its own right,” said David Choi, CEO of Permian Labs, the developer of USD.AI. “Its $100 million facility and institutional market infrastructure will help USD.AI finance more of the AI buildout while creating deeper, more transparent markets for compute-backed credit. Bullish is the right partner to scale this rapidly growing asset class onchain and broaden institutional participation.”

Alongside the debt facility, Bullish and USD.AI are expanding their joint research initiative to optimize capital formation models for the AI CapEx sector. By pairing Bullish’s institutional market structure expertise with USD.AI’s specialized GPU financing architecture, the collaboration aims to connect on-chain liquidity with demand for AI compute.