USD.AI
Category: AI Infrastructure
A yield-bearing stablecoin protocol that provides credit to artificial intelligence (AI) companies using their GPU hardware as collateral. USD.AI was founded in 2024. The company is led by David Choi. Based in United States. Total funding raised: $13M. Latest round: Strategic Investment. Key investors include Framework Ventures, Dragonfly, Arbitrum, Bullish, Coinbase Ventures, Big Brain Holdings, CMT Digital, Hermeneutic Investments, FWL Capital, Flowdesk, DISH (EchoStar subsidiary; investment in Permian Labs).
- Founded
- 2024
- Headquarters
- United States
- Total funding
- $13M
Value proposition
Provides non-dilutive, GPU-backed financing to AI infrastructure operators. Holders of sUSDai earn variable yield from the credit portfolio; USD.AI reported a 7.20% net APY at August 2026 month-end.
Products and solutions
USDai: A dollar-pegged stablecoin., sUSDai: A yield-bearing staked USDai token backed by the protocol's credit portfolio., GPU-Backed Lending Protocol: Loans secured by GPU hardware.
Unique value
USD.AI is a first-of-its-kind lending protocol that uniquely accepts graphics processing unit (GPU) hardware as collateral, effectively bridging the gap between tangible, high-value AI infrastructure and the decentralized finance ecosystem.
Target customer
Emerging AI firms and companies with significant GPU hardware assets in need of liquidity.
Industries served
Artificial Intelligence, Decentralized Finance (DeFi), Financial Services
Technology advantage
The core advantage is unlocking liquidity for capital-intensive AI companies from their most valuable physical assets (GPUs) without requiring them to sell equity. This creates a new, high-yield investment vehicle for DeFi participants, backed by real-world, income-generating hardware.
How they differentiate
USD.AI differentiates itself by allowing users to use graphics processing units (GPUs) as collateral for stablecoin loans. This is a unique approach compared to traditional DeFi lending platforms that primarily accept other crypto assets as collateral. This model targets a niche market of GPU owners, such as crypto miners, AI companies, and gamers.
Main competitors
Aave, Compound, MakerDAO
Key partnerships
Framework Ventures (led the $13M Series A funding round), Permian Labs (the developer of the USD.AI protocol), Coinbase Ventures (strategic investment, Oct 2025), PayPal / PYUSD (integration for AI infrastructure financing, Dec 2025), Chainlink (official oracle provider), Sharon AI ($500M debt facility, Jan 2026), QumulusAI ($500M financing facility), Quantum Solutions (financing facility), Fluid ($100M sUSDai liquidity facility, Jun 2026), BSQ Capital Partners (APAC GPU-financing joint venture, Jun 2026), Bullish ($100M debt facility, Aug 2026), K3 Capital ($40M revolving debt facility, Sep 2026)
Notable customers
Sharon AI (SHAZ: OTC Markets) - $500M debt facility, QumulusAI - $500M financing facility, Quantum Solutions - financing facility, Duos Edge AI - $98.1M GPU-backed loan, Jun 2026, NexGen Cloud - $34M GPU financing facility funded Jun 2026, Corvex - $7.5M GPU financing funded Aug 2026
Major milestones
Secured $13M in a Series A funding round led by Framework Ventures (Aug 2025), Coinbase Ventures strategic investment (Oct 2025), PayPal PYUSD integration for AI infrastructure financing (Dec 2025), $1.2B+ in approved GPU-backed financing facilities across QumulusAI, Sharon AI, and Quantum Solutions (Jan 2026), Launched USD.AI Foundation and $CHIP governance token (Jan 2026), $7.7B+ in sUSDai traded in 2025, 75,000+ active users and $397M total deposits, Formed APAC GPU-financing joint venture with BSQ Capital Partners (Jun 2026), Published first independent Proof of Loans attestation (Sep 2026), Launched USDai and sUSDai on Arc (Sep 2026), Announced $128.9M GPU financing facility, its largest to date (Sep 2026), Launched USDai and sUSDai on Solana (Sep 2026)
Growth metrics
USD.AI reported $492.1M in TVL, $281.8M in lifetime deployed capital, and 7.20% net APY for sUSDai at August 2026 month-end. Its June 2026 report cited a $13B borrower pipeline.
Market positioning
USD.AI is positioned as a niche player in the broader crypto-lending market. By focusing on GPU-backed loans, it targets a specific, underserved segment of the market. This specialization could allow it to capture a dedicated user base, but it also exposes it to risks associated with the valuation and liquidity of GPU hardware.
Geographic focus
Given the decentralized nature of crypto lending, USD.AI's focus is likely global. However, it would likely concentrate on regions with a high density of GPU owners and crypto adoption, such as North America, Europe, and parts of Asia.
Patents and IP
Information on patents or specific IP is not publicly available.
About David Choi
Investment Banking Analyst at Deutsche Bank (2016-2018), focusing on Real Estate, Gaming, Lodging and Leisure. Also worked at Pontifax Global Food and Agriculture Technology Fund (growth equity) and ArtAssure Ltd. (art finance). Founded Permian Labs in 2021.
Latest news about USD.AI
- USD.AI closed its $CHIP token sale raising $19.4M on CoinList, pricing 700M tokens at $0.03 with a $300M FDV. This synthetic stablecoin protocol backs loans with GPU collateral and tokenized U.S. Trea
- PayPal is using its PYUSD stablecoin to fund AI infrastructure via USD.AI. The collaboration provides financing for GPUs and data centers, backed by a 4.5% yield incentive on up to $1 billion in depos
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Official website: https://usd.ai