Bullish (NYSE: BLSH), a digital asset platform, has provided a $100 million stablecoin-based debt facility to USD.AI, a GPU financing protocol developed by Permian Labs, according to a press release dated Aug. 28, 2026.

The facility is intended to allow USD.AI to lend capital directly against high-performance computing assets. USD.AI describes its loans as non-recourse and secured by GPU infrastructure, with financing settled on-chain.

As part of the arrangement, Bullish Exchange will onboard sUSDai across multiple trading pairs, supported by a dedicated market-making program aimed at deepening secondary liquidity for GPU-backed debt.

Thomas Cowan, Head of Tokenization at Bullish, said the facility reflects the firm's view that "credible, well-structured real-world assets belong onchain," adding that USD.AI's on-chain transparency enabled institutional-grade underwriting.

David Choi, CEO of Permian Labs, said the facility and Bullish's market infrastructure "will help USD.AI finance more of the AI buildout while creating deeper, more transparent markets for compute-backed credit."

Bullish and USD.AI also said they are expanding a joint research initiative focused on capital formation models for AI capital expenditure, pairing Bullish's market structure capabilities with USD.AI's GPU financing architecture.

Bullish is the parent company of CoinDesk and operates Bullish Exchange, a spot and derivatives exchange for digital assets. Bullish Europe is regulated under MiCAR as a crypto asset service provider.