Bullish Backs USD.AI With $100M Stablecoin Facility for GPU Financing

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Bullish is putting up a $100 million stablecoin liquidity facility for USD.AI, the on-chain lending protocol that finances AI infrastructure operators against their GPUs.

The facility, announced Friday, will fund USD.AI’s loans to compute buyers. Bullish will also run a market-making program for sUSDai, USD.AI’s yield-bearing token, across multiple trading pairs on its own exchange.

On May, Bullish’s $4.2 billion Equiniti acquisition is aimed at expanding tokenized securities infrastructure and connecting blockchain technology with traditional capital markets.

From $4 Million to $100 Million in Eleven Months

This is not Bullish’s first move toward USD.AI. In September 2025, Bullish put $4 million into the protocol through Bullish Capital, its first investment of any kind since its IPO that August. Eleven months later, Bullish is the lender behind USD.AI’s loan book and the market maker for its token.

The same company now holds equity in USD.AI, supplies its financing, and will run the desk trading its yield token. That is a tighter relationship than a standard liquidity deal implies, and it means Bullish’s own upside is tied to USD.AI’s success in a way a typical facility provider’s would not.

USD.AI has scaled its own lending since that first Bullish check. In January, it approved a debt facility of up to $500 million for Sharon AI, an Australian AI infrastructure firm building out GPU capacity across the Asia-Pacific region, its largest disclosed commitment before today.

Part of Bullish’s Bigger Tokenization Push

The USD.AI facility lands inside a broader pattern at Bullish. In May, the company agreed to buy transfer agent Equiniti for roughly $4.2 billion to build out tokenized-securities infrastructure.

In August, it began trading tokenized shares of its own stock. On its second-quarter earnings call, Bullish credited tokenization as a driver behind 62% revenue growth. USD.AI, a protocol built to move AI infrastructure debt onchain, fits that strategy closely.

Worth noting: CoinDesk, which covered this deal, is a Bullish subsidiary, and its own reporting discloses that its journalists may hold Bullish equity-based compensation. That does not make today’s numbers wrong, but it means the most detailed public writeup of this facility comes from a source with a direct financial stake in how USD.AI is perceived.

What’s Actually Being Financed

USD.AI’s stablecoin, USDai, and its yield-bearing counterpart, sUSDai, carry a combined circulating market cap of $225 million as of Friday, according to DefiLlama. The protocol’s tracked value locked sits at $176.6 million, up 12% over the past month.

Neither figure says how much of that money is actually deployed as GPU-backed loans versus parked in Treasuries and reserve assets, and neither Bullish nor USD.AI disclosed a current loan utilization number alongside today’s announcement.

The last public estimate of that split came from an independent crypto analysis newsletter in March, around USD.AI’s token launch, which put active GPU loans at roughly $70 million against more than $650 million in deposits at the time, meaning most of the protocol’s balance sheet was Treasury-backed rather than deployed as the AI credit it markets itself on. That estimate is now five months old and cannot be treated as current. It is also the only public attempt at the number that exists.

A current utilization figure, disclosed by USD.AI itself, would settle the question either way. Until one shows up, today’s $100 million facility says more about how much capital Bullish is willing to commit to this relationship than about how much AI infrastructure it is actually financing yet.