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How is the deal structured?

Bullish has launched a $100 million stablecoin credit line for USD.AI, an onchain financing platform. Under the structure announced by the companies on Friday, the funds will be lent to firms operating artificial intelligence infrastructure, and the loans will be secured directly by GPU hardware rather than the companies’ general assets.

USD.AI, developed by Permian Labs, operates as a platform that brings together stablecoin liquidity and demand for financing AI compute infrastructure. With the new facility, the platform aims to anchor its collateral structure in a tighter, asset-backed model, especially for GPU-based infrastructure investments.

Which figures stand out in GPU-backed lending?

The move follows USD.AI’s recent expansion in GPU financing activity. In June, the company announced a $98.1 million loan backed by 2,304 Nvidia B300 GPUs; another loan worth $34 million, secured by 768 Nvidia B200 GPUs, was fully funded.

  • $98.1 million loan backed by 2,304 Nvidia B300 GPUs
  • $34 million fully funded loan backed by 768 Nvidia B200 GPUs

Bullish also plans to list USD.AI’s sUSDai token across multiple trading pairs. The company is also looking to roll out a dedicated market-making program, which is seen as important for secondary-market liquidity and price discovery in GPU-backed debt products.

What is the link to Bullish shares and the crypto market?

The transaction follows Bullish Capital’s $4 million investment in USD.AI in September 2025. Bullish went public on the New York Stock Exchange in August 2025, raising about $1.03 billion; the IPO price was set at $37 per share, and the stock opened at $90 on its first day of trading.

According to Yahoo Finance data, Bullish shares are still more than 60% below their IPO-day peak. Even so, the stock has risen about 45% over the past month and traded around $33 on Friday, while Strive gained roughly 88% in the same period, Canaan rose 55%, and stablecoin issuer Circle advanced by nearly 40%.

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