Institutional digital asset platform Bullish has announced a strategic $100 million stablecoin-based liquidity facility for USD.AI to fund high-performance graphics processing unit (GPU) infrastructure, marking a major entry into middle-market artificial intelligence private credit. USD.AI provides AI operators with non-recourse, asset-backed loans collateralized directly by compute hardware, allowing capital providers on-chain exposure to income-producing tech assets. Utilizing deep liquidity from the Bullish Exchange, the partnership will onboard sUSDai across various trading pairs alongside a dedicated market-making program to enhance price discovery and secondary liquidity for compute debt. Speaking on the strategic move, Thomas Cowan, Head of Tokenization at Bullish, stated, “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.
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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.” Emphasizing the evolving financial landscape, David Choi, CEO of Permian Labs (developer of USD.AI), added, “Bullish recognizes that compute is becoming a credit market in its own right. 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.” Beyond capital deployment, both firms are broadening a joint research initiative to optimize capital formation frameworks for AI capital expenditures.