Bullish Provides $100 Million for Loans Backed by AI Hardware
Stablecoin funding for AI infrastructure
Bullish, a crypto exchange for large institutional investors, is providing a $100 million debt facility to USD.AI. An exchange is a platform where people buy and sell digital assets. This funding uses stablecoins, which are digital tokens designed to keep a steady value, usually tied to the U.S. dollar.
USD.AI will use the money to provide loans to companies that run Artificial Intelligence (AI) systems. These loans are secured by the hardware used to power AI, known as graphics processing units or GPUs.
Details of the financing agreement
- The $100 million facility supports loans backed directly by GPU hardware.
- USD.AI connects digital currency liquidity with the demand for AI computing equipment.
- Bullish plans to list the sUSDai token on its platform to help users trade the debt more easily.
- This deal builds on a $4 million investment Bullish made in USD.AI in late 2025.
How GPU-backed lending works
USD.AI is a platform created by Permian Labs that focuses on financing AI hardware on the blockchain. The blockchain is a digital ledger that records transactions. In this model, the loans are secured by the actual GPU machines. This means the lenders can claim the hardware if the borrower cannot pay, rather than claiming the borrower's entire company assets.
The platform has already facilitated large loans this year. This includes a $98.1 million loan for over 2,300 Nvidia GPUs and another $34 million loan for nearly 800 Nvidia GPUs.
Recent performance of Bullish stock
Bullish began trading on the New York Stock Exchange in August 2025. While the company's stock price has dropped significantly since its first day of trading, it has recently seen a recovery. The shares gained about 45% over the past month, trading around $33 on Friday.
This increase matches a broader trend in the market. Other companies involved in digital assets, such as Bitcoin mining firms and stablecoin issuers, have also seen their stock prices rise during the same period.
