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It was a good end of summer for USDAI: - $100M facility from @Bullish (NYSE: BLSH) - sUSDai reached a $400M+ ATH, up 93% since March - $22.8M in GPU-backed financings funded - 7.2% sUSDai net APY, the highest among yield-bearing stablecoins with 200M+ TVL
Compute is rapidly becoming one of the largest credit markets. @Bullish (NYSE: BLSH) is entering with a $100M stablecoin liquidity facility for USDAI. The facility will support USDAI loans backed by the AI buildout.
TWO WEEKS TO CLOSE. A NEW RECORD FOR USDAI - $4.56M for 128 NVIDIA B200 gpus in Texas - Earning 7% in escrow - APY after escrow release: 13.5% A repeat borrower was funded in just 2 weeks, the fastest loan USDAI has completed to date.
USDAI June Recap: $98M Loan, $100M Liquidity Facility, APAC Expansion June expanded the market around USDAI on multiple fronts: larger GPU-backed loans, deeper sUSDai liquidity, new institutional support, and APAC origination. The protocol announced its largest loan to date, crossed $20M in cumulative yield, launched a $100M sUSDai liquidity facility with Fluid, and formed a new APAC financing JV with BSQ Capital Partners. By the Numbers $98.1M loan for Duos Edge AI’s 2,304 B300 GPUs. $34M NexGen Cloud facility (768 B200 GPUs) moved from escrow to funded $20M+ cumulative yield $100M sUSDai liquidity facility with Fluid $300M APAC JV target, with a path to $1B 2026 YTD report: $44.6M protocol ARR and $13B borrower pipeline Loan Book Growth Duos Edge AI: New Largest Loan June’s largest credit milestone was the $98.1M GPU-backed loan for Duos Edge AI, a subsidiary of Duos Technologies (NASDAQ: DUOT). The facility finances 2,304 NVIDIA B300 GPUs, making it USDAI’s largest loan to date and a new high watermark for the protocol’s compute financing business. NexGen Cloud: $34M Loan Funded The $34M NexGen Cloud facility moved from escrow to funded in June. The facility backs 768 NVIDIA B200 GPUs and earns 12% APY post-deployment. Together, these updates show capital moving through the full lifecycle: from origination, to escrow, to funded GPU-backed loans. Yield and sUSDai Liquidity $20M+ Cumulative Yield USDAI cumulative yield crossed $20M in June. That yield comes from two core sources: Depositor yield: borrower interest and PYUSD incentives on undeployed liquidity, net of the 10% NIM/admin fee. Protocol fees: the 10% NIM on sUSDai yield, plus origination fees. Fluid: $100M sUSDai Liquidity Facility As the loan book grows, sUSDai also needs deeper markets around it. In June, USDAI and Fluid launched a $100M sUSDai liquidity facility to deepen liquidity across onchain markets. Fluid will provide Liquidity-as-a-Service for sUSDai, helping support more reliable markets for users to enter, exit, and build around GPU-backed yield. Institutional and Regional Expansion EchoStar: Strategic Investment from DISH DISH, an EchoStar (NASDAQ: SATS) subsidiary, made a strategic investment in Permian Labs, developer of USDAI. The investment adds another institutional signal around USDAI’s role in financing AI infrastructure. BSQ: APAC Compute Financing JV USDAI formed a new APAC financing JV with BSQ Capital Partners. The JV will finance AI compute across APAC, targeting $300M in GPU-backed financings with a path to scale to $1B. BSQ will originate and manage deals across Australia, Japan, South Korea, Southeast Asia, and India, expanding USDAI’s borrower pipeline into one of the fastest-growing regions for AI compute demand. 2026 YTD Report USDAI published its 2026 YTD report in June, covering the protocol’s growth across lending, yield, borrower demand, and DeFi. Highlights included: $44.6M protocol ARR $13B borrower pipeline $98.1M largest loan 7.0% average sUSDai YTD yield The full report breaks down how USDAI is building a liquid debt market for compute by connecting onchain capital with AI infrastructure borrowers. Download here. Looking Ahead June was a scaling month for USDAI. The loan book reached a new high, yield crossed another milestone, sUSDai liquidity expanded, and new institutional and regional partners joined the ecosystem. As demand for AI compute continues to grow, USDAI is building the onchain credit market to finance the infrastructure behind it.
USDAI and @0xfluid are launching a $100M DEX Liquidity Facility for sUSDai. Fluid will provide Liquidity-as-a-Service, enabling deeper markets to enter, exit, and loop with less slippage.
USD.AI YTD Report: Revenue, Loans, and sUSDai Yield USD.AI’s 2026 YTD report, Lighthouse, covers the first major phase of growth for the protocol: borrower demand, funded GPU-backed loans, sUSDai yield, DeFi distribution, and the launch of CHIP governance. The headline is simple: USD.AI is scaling. $30M annualized ARR in Q2 TVL reached $398M, with $202M deployed. USD.AI ARR increased from $1.1M in 2025 to $4.0M in Q1 2026, then reached $14.3M YTD. Q2 2026 annualized DAO ARR reached $30M That revenue growth is tied directly to the loan book. As more borrower demand turns into funded GPU-backed loans, protocol revenue grows through net interest margin and origination fees. $13B borrower pipeline The borrower pipeline has expanded meaningfully. USD.AI reviewed 394 new leads representing $13.0B in potential transaction volume. From that pipeline, the protocol signed 26 term sheets worth $817M and closed $205M in deployed loans. The report also breaks down how deals move through the funnel, from initial leads to qualified opportunities, signed term sheets, and funded facilities. $98.1M largest loan Average loan size reached $15.8M, with $283M in total collateral and 13 active loans. The largest loan in the book grew from $620K in July 2025 to $98.1M in June 2026. The shift shows how USD.AI facilities have moved from early proof-of-concept loans into larger GPU-backed credit deployments. 7.0% average sUSDai YTD yield, 12.4% projected On the depositor side, sUSDai continued to show strong yield performance. sUSDai delivered a 7.0% average YTD yield, with approximately $10M in yield paid out so far in 2026. The report also shows a 12.4% projected yield at full deployment, as more capital moves from idle reserves into originated GPU-backed loans. The full report compares sUSDai against other stablecoin yield benchmarks and shows how its yield has held up as the product scaled. $18B in USDai and sUSDai trading volume Lighthouse also covers the evolution of USDai and sUSDai across DeFi. The report looks at retention, mint and redeem activity, peg behavior, Pendle and Fluid usage, Allo Points distribution, and how user behavior has shifted from early incentives toward more yield-driven activity. CHIP governance and protocol structure The report also includes an update on CHIP, governance, and the current USD.AI structure map, including how offchain loan agreements connect to onchain protocol economics. Download the full Lighthouse report The full report includes the complete YTD data, loan book breakdown, revenue charts, sUSDai yield benchmarks, DeFi usage analysis, and founder commentary. Download the Lighthouse | USD.AI 2026 YTD Report to see the full dataset and what comes next for USD.AI.
The Arbitrum platform is becoming the best place for new markets like compute to become real businesses USDAI is turning GPUs into programmable collateral, powering a new category of compute-backed credit Congrats to @USDai_Official on closing a new record loan size of $98.1M
USDAI May Recap: Yield, Growth, and $CHIP Buybacks May showed continued momentum across USD.AI’s protocol, product, DeFi, and ecosystem work. By the Numbers USDAI entered the top 10 yielding stablecoins by TVL, and ranked top 5 when T-bill stablecoins were excluded. USDAI ranked #2 on Arbitrum by 30-day revenue, with $1.19M in fees over 30 days and $3.6M in 365-day revenue. These milestones show demand on both sides of USDAI’s market: Onchain capital seeking uncorrelated RWA yield, and AI infrastructure borrowers seeking upfront capital for compute. USDAI connects them by turning GPU-backed loans into a liquid debt market onchain. $CHIP Buyback Permian Labs, the developer of USDAI, bought back 338,806,273 $CHIP from investor allocations in May. Combined with the previous airdrop buyback of 31,731,287 $CHIP, cumulative buybacks reached 3.71% of total supply. The buyback reduced investor allocations and supported long-term alignment across the USD.AI ecosystem. Yield Highlight: sUSDai PTs on Pendle sUSDai PTs continued to trade above 9% fixed yield on Pendle in May. Product Updates USD.AI shipped a major app update in May. The rebuilt dashboard gives users a clearer view of USD.AI in one place, including yield, protocol activity, price history, and the loans backing sUSDai. USDAI at Consensus Miami USD.AI had a strong presence at Consensus Miami this year. Conor Moore, Co-Founder and COO of Permian Labs, joined CoinDesk Live with Sam Ewen and Jeff Wilser to discuss USD.AI and the role of GPU-backed credit in onchain markets. He also spoke on the “Yield Bearing Stablecoins and RWA Collateral” panel, which covered how crypto yield has evolved from incentive-driven programs toward yield tied to real activity across onchain lending, trading, treasuries, and credit. Conor also joined the Digital Asset Yield Summit, a forum for capital allocators focused on the latest developments in digital asset yield. USDAI YTD Report Coming Soon USD.AI shared an early look at the first edition of Lighthouse, its new periodic report series. The report will cover protocol growth, borrower demand, DeFi traction, and the yield behind sUSDai. One highlight from the report: sUSDai has delivered the strongest and most consistent yield among tracked stablecoin benchmarks throughout 2026, with a ~370 bps premium over 3-month T-Bills and a ~285 bps premium over sDAI YTD. Worth a Read: Underwriting and Risk Framework USD.AI published a breakdown of the underwriting and risk controls behind its GPU-backed loans. The piece walks through how GPU collateral is evaluated, verified, and protected before capital is deployed. It covers the core safeguards behind USDAI’s credit model, including senior secured loan structures, collateral monitoring, insurance, debt service reserves, and ongoing risk management. For users evaluating sUSDai yield, it explains what sits behind the yield and how the underlying loans are structured. Media & Appearances The DCo Podcast | May 27, 2026: https://www.youtube.com/watch?v=IkxHowlha44 Shoal Signal | May 27, 2026: https://www.youtube.com/watch?v=5bU6OylSTd4 CoinDesk Live at Consensus Miami 2026 Day 3 | May 7, 2026: https://www.youtube.com/live/LkR92epQnU4?si=KJo5t7-wmnXpJTn-&t=16996 Fraction AI | May 6, 2026: https://x.com/i/broadcasts/1lJQRvrNmdZxE Digital Asset Yield Summit | May 4, 2026: https://www.youtube.com/watch?v=wKFD_zZyOmw
USDAI has originated its largest loan to date. Breaking the record for the second time in the same month. Finance Progress.
USD.AI Partners with Wilmington Trust for GPU Financing USD.AI has partnered with Wilmington Trust, a subsidiary of M&T Bank, as Escrow Agent for future AI infrastructure financing. New loans will first fund into an escrow account for up to 120 days, from purchase order completion through shipment, delivery, and installation of the AI infrastructure. Yield begins at loan signing, and escalates to the permanent rate upon server installation. Funds in escrow earn up to a 7% APR, approximately 350 basis points above T-bill rates. The Wilmington Trust escrow account gives non-DeFi native borrowers and OEMs a familiar, regulated touchpoint that meets their existing due diligence standards. At the same time, capital providers earn increased yield from the moment funds enter escrow. How it works USD.AI GPU loans are executed when the borrower places their purchase order and funds their equity deposit. From there, the process runs in two steps. Loan Closing: documents are signed and funds go into escrow. Loan Funding: servers are delivered, installed, and verified, at which point escrow is released to the OEM and the formal loan begins. Once the loan has funded, the legal and structural requirements locked in at closing take effect: Bankruptcy-remote SPV: if the borrower defaults, the protocol holds a direct claim on the hardware and contracts. No other creditors have a claim to assets. Loan agreement: defines covenants, events of default and loan terms. Must be executed prior to escrow. Perfected security interest: held over the servers, bank accounts, customer contracts, and equity in the borrowing entity, meaning USD.AI has a legal right to seize those assets upon default. Debt service reserve account: held at the SPV level, a cash or USDai buffer inside the SPV to cover loan payments if there are delays in revenue collection. If the loan is not originated within 120 days (i.e. the purchased hardware fails to arrive on time) funds including interest are returned to the protocol. Loans in escrow are now visible under Active Loans on the USD.AI dashboard, giving holders full visibility from the moment a deal is signed Why Wilmington Trust Wilmington Trust is one of the largest institutional trust companies in the United States, with $213.5 billion in assets and $84.2 billion under management. It administers collateral and escrow arrangements for structured finance transactions across the traditional capital markets, the same legal and financial infrastructure that backs corporate bond issuances, ABS deals, and equipment financing at institutional scale. Bringing that infrastructure into USD.AI’s GPU financing means the escrow arrangement carries the same legal standing and counterparty credibility as any conventional structured credit transaction. When an OEM asks for proof of funds, the answer is a Wilmington Trust escrow account, which provides the level of institutional credibility required to execute 8 and 9 figure loan transactions.
YZi Labs announced an investment in the stablecoin protocol USD AI, without disclosing the specific amount. USD AI is a yield-bearing synthetic stablecoin backed by computing resources, AI hardware, and network nodes. It previously raised $13 million from investors including Framework Ventures, Dragonfly, Bullish, and Arbitrum. https://t.co/dKMDWNJKqx
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