$100M Stablecoin Credit Line Extended by Bullish to USD.AI for GPU Infrastructure Financing
The crypto exchange serving institutional clients is delivering $100 million in stablecoin-based capital to back lending operations secured by artificial intelligence computing hardware.
Bullish, an operator of institutional cryptocurrency exchange services, has extended a $100 million debt facility denominated in stablecoins to USD.AI for financing lending operations collateralized by GPU infrastructure, according to a joint announcement made by both organizations on Friday.
The facility will enable USD.AI to provide capital to operators of AI infrastructure, with these financing arrangements being secured against the GPU hardware itself instead of the broader corporate balance sheets of borrowing entities.
Developed by Permian Labs, USD.AI operates as an onchain financing solution that delivers capital backed by artificial intelligence computing equipment, effectively bridging stablecoin liquidity providers with entities seeking GPU infrastructure financing.
According to Bullish, the company intends to introduce USD.AI's sUSDai token across several trading pairs on its platform and will back the asset with a specialized market-making program, which is anticipated to enhance secondary market liquidity and facilitate more effective price discovery for debt instruments backed by GPU hardware.
This facility represents a continuation of USD.AI's expanding GPU-backed financing operations. The company disclosed in June that it had originated a $98.1 million lending arrangement collateralized by 2,304 Nvidia B300 GPUs, and successfully completed full funding for a separate $34 million loan secured by 768 Nvidia B200 GPUs.
This transaction further extends Bullish Capital's strategic engagement with USD.AI, which included a $4 million equity investment made in September 2025.
Bullish shares gain 48% over past month
In August 2025, Bullish completed its listing on the New York Stock Exchange, securing approximately $1.03 billion in capital after establishing its initial public offering price at $37 per share. Trading activity on the opening day saw the stock reach $90.
Based on data from Yahoo Finance, the company's equity value remains more than 60% below its initial public trading levels. That said, the stock has experienced a notable resurgence in recent weeks, appreciating by roughly 45% during the past month to settle near $33 during Friday's trading session.
The recent upward momentum in Bullish's stock price mirrors broader gains observed among cryptocurrency-related equities, which have advanced in tandem with a broader recovery across digital asset markets. During the same one-month period, Bitcoin treasury firm Strive has surged approximately 88%, Bitcoin mining operation Canaan has climbed around 55%, and Circle, which issues stablecoins, has risen nearly 40%.
