USD.AI Secures $100M Stablecoin Debt Facility From Bullish for GPU Financing

NEW YORK, Aug. 28, 2026 /PRNewswire/ -- Bullish, an institutionally focused global digital asset platform that provides market infrastructure and information services, today announced its strategic entry into middle-market AI infrastructure financing through a $100 million stablecoin-based liquidity facility provided to USD.AI. This major investment will power USD.AI's premier GPU financing ecosystem, empowering them 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).

"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." - 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 the demand for AI compute.

About Bullish

Bullish (NYSE: BLSH) is an institutionally focused global digital asset platform that provides regulated market infrastructure and information services. This includes Bullish Exchange – an institutionally focused digital assets spot and derivatives exchange, integrating a high-performance central limit order book matching engine with automated market making to provide deep and predictable liquidity. Bullish Europe is regulated under MiCAR as a crypto asset service provider offering spot trading and custody services for digital assets.

Bullish is the parent company of CoinDesk, a leading provider of digital asset media and information services. CoinDesk's offerings include: CoinDesk Indices – a collection of tradable proprietary and single asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries; CoinDesk Data – a broad suite of digital asset market data and analytics, providing real-time insights into prices, trends and market dynamics; and CoinDesk Insights – a digital asset media and events provider and operator of coindesk.com, a digital media platform that covers news and insights about digital assets, the underlying markets, policy and blockchain technology.

For more information, please visit bullish.com and follow LinkedIn and X.

About USD.AI

USD.AI provides AI infrastructure operators with strategic, non-dilutive financing facilities essential for their scale requirements. The protocol delivers non-recourse loans secured exclusively by the underlying GPU infrastructure, isolating risk from the corporate balance sheet. USD.AI's financing is asset-backed, transparent, and settled on-chain, providing capital providers with direct exposure to income-producing compute assets.

For more information, visit usd.ai.

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SOURCE USD.AI