Bullish supports USD.AI's GPU financing with US$100 million stablecoin facility

Bullish is providing US$100 million stablecoin liquidity facilities for USD.AI. USD.AI is an on-chain loan agreement that provides GPU-backed financing to AI infrastructure operators. Computing power is fast becoming one of the largest credit markets.@ Bullish (NYSE: BLSH) is providing USDAI with a US$100 million stablecoin liquidity facility. The facility will support USDAI loans backed by AI infrastructure construction. -- USD.AI (@USDai_Official) August 28, 2026

The facility announced on Friday that it will fund USD.AI's loans to computing power buyers. Bullish will also offer multiple trading pairs market-making plans on its exchange for USD.AI's interest-bearing token sUSDai.

In May this year, Bullish acquired Equiniti for US$4.2 billion, aiming to expand the tokenized securities infrastructure and connect blockchain technology with traditional capital markets.

It took eleven months to go from US$4 million to US$100 million.

This is not Bullish's first move on USD.AI. In September 2025, Bullish invested US$4 million in the agreement through Bullish Capital, its first investment since its IPO in August of the same year. Eleven months later, Bullish became the lender behind the USD.AI loan book and the market maker of its tokens.

Today, the same company holds equity in USD.AI, provides financing, and will operate its trading desk for interest-bearing tokens. This is a closer relationship than standard liquidity agreements imply, meaning Bullish's own earnings are closely related to the success of USD.AI, which is not true for typical facilities providers.

Bullish and USD.AI, eleven months

September 2025: Bullish invested in USD.AI through Bullish Capital, its first move since listing-USD4 million

January 2026: USD.AI approves debt financing for Sharon AI's GPU construction in Australia and Asia Pacific-up to US$500 million

August 2026: Bullish provides stablecoin liquidity facilities and serves as a market maker for USD.AI interest-bearing tokens-US$100 million

Since Bullish first injected capital, USD.AI has expanded its own loan size. In January, it approved up to $500 million in debt financing for Sharon AI. Sharon AI is an Australia AI infrastructure company that is building GPU production capacity in the Asia-Pacific region, which is the largest commitment previously disclosed by USD.AI.

Part of Bullish's larger tokenization layout

USD.AI facilities are part of Bullish's larger layout. In May, the company agreed to acquire transfer agent Equiniti for approximately $4.2 billion to build a tokenized securities infrastructure. In August, it began trading tokenized shares of its own shares. During the second quarter earnings conference call, Bullish cited tokenization as a driving force behind revenue growth of 62%. USD.AI, as an agreement aimed at rolling AI infrastructure debt, is highly consistent with this strategy.

What is the actual financing

USD.AI's stablecoin USDai and its interest-bearing counterpart sUSDai had a combined market value of US$225 million as of Friday, data from DefiLlama. The agreement tracks the value of lockups at $176.6 million, a 12% increase in the past month.

Neither of these figures indicates how much of the money is actually used for GPU mortgages and how much is stored in treasury bonds and reserve assets. Neither Bullish nor USD.AI disclosed current loan utilization rates in today's announcements.

The last public estimate of this ratio came from an independent crypto analysis newsletter in March 2026, around the time of the USD.AI token issuance. The estimate showed that active GPU loans at the time were approximately $70 million and deposits exceeded $650 million, which meant that most of the deal's balance sheet was backed by treasury bonds rather than deploying the AI credit it advertised. This estimate is five months old and cannot be considered current data and is the only public estimate of its kind.

What has been confirmed and what is just estimated

Indicator: USD.AI stablecoin market value (USDai + sUSDai)--Value: US$225 million--As of/Source: Today, DefiLlama (real-time)

Indicator: USD.AI agreement lockup value--Value: US$176.6 million--As of/Source: Today, DefiLlama (real-time)

Indicator: Active GPU loan balance-Value: approximately US$70 million (estimated)-As of/Source: March 2026, single independent analyst; unconfirmed, not current data

If USD.AI itself discloses current utilization data, this issue will be clarified. Before the data emerged, today's $100 million facility said more about how much capital Bullish is willing to invest in the relationship than how much AI infrastructure it actually finances.