What USD.AI does

USD.AI is a decentralized structured credit protocol that issues synthetic dollar stablecoins (USDai) and yield-bearing staked tokens (sUSDai) collateralized by GPU hardware financing arrangements with AI infrastructure operators. The protocol was developed by Permian Labs, Inc. (a Delaware corporation founded in 2021) and is operated by USD.AI Foundation, a Cayman Islands foundation company, with GPU Finance Ltd. (BVI) acting as administrative and collateral agent. Its core technology, the CALIBER framework, tokenizes physical GPUs as ERC-721 NFTs functioning as legally binding warehouse receipts under UCC Article 7, enabling enforceable on-chain collateralization that no competing protocol currently replicates at scale.

The protocol serves two distinct customer groups. On the supply side, DeFi depositors mint USDai by depositing stablecoins (backed by tokenized U.S. Treasuries via M0) and stake sUSDai to earn 13-17% APY derived from GPU-collateralized loan repayments. On the demand side, AI infrastructure operators — including neocloud providers (Sharon AI, QumulusAI), edge data center operators (Duos Edge AI, Hydra Host), DePIN projects, and publicly listed companies (Quantum Solutions) — access 7-day-closing, non-recourse, non-dilutive financing at 70-80% LTV and 7-15% interest rates with ~3-year duration. Loan terms are quote-based and distributed through a self-serve web app, a dedicated borrower portal (borrow.usd.ai), and institutional channels including Coinbase Prime. The protocol is deployed across Ethereum, Arbitrum, and Base.

USD.AI monetizes through interest spreads on GPU-backed loans, origination and management fees, and CHIP governance token economics. As of mid-2026, the protocol reports $385M TVL, 75,503 active users, $236M active loan pipeline, and over $1B in approved facilities across roughly six named institutional borrowers. The company is funded by a $13.4M Series A (led by Framework Ventures, August 2025), undisclosed rounds from Coinbase Ventures and YZi Labs, a $4M Bullish investment, and a CHIP token ICO at a $300M fully diluted valuation (February 2026). The organization operates with 1-10 employees and earns revenue from a loan book whose performance depends on the credit of a small set of GPU infrastructure operators.

Name

USD.AI

Legal name

USD.AI Foundation

Website

https://usd.ai

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

USD.AI is a DeFi lending protocol issuing USDai and sUSDai stablecoins backed by GPU-collateralized loans to AI infrastructure operators. It serves emerging neoclouds and DePIN projects needing non-dilutive financing, and DeFi depositors seeking 13-17% APY yield.

Ownership category

akta.pro rank

Product category

Decentralized Finance (DeFi) Lending Protocol

NAICS

Other Investment Pools and Funds (5259), Other Financial Vehicles (525990)

SIC

Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Decentralized Lending & Borrowing Protocols (FSADAMAA)

akta.pro secondary industries

Lending Protocol Infrastructure (Oracles, Rate Models, Vaults) (FSADAFAN), Yield Aggregators & Strategy Vaults (FSADAMAF), Staking, Restaking & Liquid Staking Finance (LST/LRT, validator markets) (FSAPAEAH), DeFi Asset Management & On-Chain Index Protocols (FSADAMAK)

Keywords

• DeFi lending protocol
• GPU-collateralized loans
• Synthetic dollar stablecoin
• AI infrastructure financing
• Tokenized real-world assets

Headquarters

HQ city

Grand Cayman

HQ country

Cayman Islands

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Interest Income from GPU Loans: Primary revenue from interest payments on GPU-collateralized loans with typical parameters of ~3-year duration, 70-80% LTV, and interest rates of 7-15%. Yield is generated from borrower repayments and flows to sUSDai holders through Depositor NFTs.
2. Protocol Fees: Fees charged on loan origination, management, and enforcement actions within the protocol. Part of the structured credit protocol economics.
3. CHIP Token Economics: Revenue from CHIP governance token including potential fee capture from protocol revenues, staking incentives, and governance rights over protocol parameters.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

USD.AI operates a DeFi lending protocol that issues synthetic dollar stablecoins (USDai and sUSDai) backed by tokenized GPU hardware, providing non-dilutive, off-balance-sheet financing to AI infrastructure operators via the CALIBER framework under UCC Article 7. Depositors earn 13-17% APY yield from GPU-collateralized loan repayments, while borrowers access ~3-year loans at 70-80% LTV and 7-15% interest rates, closing in under 7 days.

Product overview

USD.AI is a synthetic dollar protocol that functions as an on-chain credit layer for AI infrastructure, offering a dual-token model centered on USDai and sUSDai stablecoins. USDai is a fully-backed synthetic dollar collateralized by tokenized U.S. Treasuries through M^0, while sUSDai is a yield-bearing token earning 13-17% APY from GPU-backed infrastructure loans. The protocol is governed by CHIP token, with sCHIP as the staked governance variant. Key supporting products include the CALIBER framework for tokenizing GPU assets under UCC Article 7, InfraFi as the core financing primitive, QEV for liquidity management, and the Allo Points/Allo Game rewards ecosystem with Flatiron referral programs. Borrowers access GPU-collateralized loans through a dedicated portal while depositors use the main app to mint tokens and stake for yield. The protocol has facilitated over $1 billion in approved facilities across multiple borrowers including Sharon AI ($500M), QumulusAI ($500M), and Duos Edge AI ($98.1M).

Differentiator

Problem solved

Functional benefit

Brands

• USDai: Fully-backed synthetic dollar stablecoin collateralized by tokenized U.S. Treasuries and GPU infrastructure
• sUSDai
• CHIP
• sCHIP
• AutoVaults
• Allo
• CALIBER
• GWRT
• InfraFi

Products and services

• USDai A fully-backed synthetic dollar stablecoin collateralized by tokenized U.S. Treasuries through the M0 programmable stablecoin platform. Provides instant redeemability with T+0 finality and serves as the base liquidity token for the USD.AI protocol.
• sUSDai A yield-bearing staked version of USDai that earns returns from both tokenized U.S. Treasuries and DePIN infrastructure loans. Targets 13-17% APY from GPU-backed loan repayments and serves as the primary yield-generating mechanism for depositors.
• CHIP The governance and utility token of USD.AI that sets the interest rate of AI infrastructure lending. CHIP holders control protocol operations including risk parameters, curator approvals, fee splits, and treasury allocation.
• sCHIP Staked version of the CHIP governance token that earns points and backstops risk as the first-loss module for the protocol, providing governance participation and risk management incentives.
• GPU-Collateralized Loans On-chain lending product providing loans to AI infrastructure operators using tokenized GPU hardware as collateral. Typical parameters include ~3-year duration, 70-80% LTV, and 7-15% interest rates, secured by tokenized GPU assets under the CALIBER framework.
• AutoVaults Boosted-yield DeFi strategies built with partners including Pendle, Concrete, Euler, and K3 Capital, offering enhanced incentives and deeper capital efficiency for USDai and sUSDai holders.
• Borrower Portal Dedicated interface for enterprise borrowers to access GPU-backed credit facilities, manage loans, post tokenized warehouse receipts, draw liquidity, and track collateral positions on the USD.AI protocol.
• USD.AI App Main application interface for interacting with the USD.AI protocol, allowing users to mint USDai, stake sUSDai, track yield, manage positions, and access the Allo points dashboard across Ethereum, Arbitrum, and Base.

Quantifiable outcome

• Loan origination time reduced from months to under 7 days
• +4 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature8 records

Partnerships

Ten partnerships are on record, tiered core and flagship.

• FluidcoreTechnology or Integration · 30 June 2026$100M liquidity agreement with Fluid DeFi protocol providing deep liquidity for sUSDai through Liquidity-as-a-Service program, with expansion planned to Jupiter Lend.
• Hydra HostcoreTechnology or Integration · 5 June 2026GPU-as-a-Service distribution partner managing GPU workload through Brokkr AI Factory Operating System for USD.AI-financed infrastructure including Duos Edge AI deployments.
• NVIDIA InceptioncoreTechnology or Integration · 8 April 2026Member of NVIDIA Inception program for startups, with USD.AI logo displayed among trusted institutional backers on website.
• Obex (Sky)flagshipTechnology or Integration · 25 March 2026Sky-backed Obex deploying $1B into tokenized RWA assets including AI data centers through USD.AI as first wave partner, with up to $2.5B reserve allocation through Obex mandate.
• BarkercoreTechnology or Integration · 6 February 2026Reinsurance-backed insurance coverage partnership upgrading sUSDai from FiLo (First-Loss) to institutionally-backed coverage for GPU loans, improving yield with insurance-backed risk protection.
• Evan Meagher (Senior Advisor)coreOthers · 14 January 2026Former CoreWeave CFO joining as Senior Advisor, bringing expertise in AI infrastructure financing and GPU-backed lending to USD.AI.
• PayPal (PYUSD)flagshipTechnology or Integration · 18 December 2025PYUSD integration enabling USD.AI loans to AI companies denominated in PayPal stablecoin with direct PayPal account receipt capability, plus $1B customer incentive program offering 4.5% yield.
• Coinbase PrimecoreTechnology or Integration · 20 November 2025Integration with Coinbase Prime enabling institutional clients to access USD.AI GPU-backed credit services through Coinbase's institutional platform.
• ChainlinkcoreTechnology or Integration · 9 October 2025Chainlink Price Feeds adopted as official oracle for USD.AI, providing accurate onchain rates and strengthening $580M AI-backed stablecoin infrastructure.
• M0coreTechnology or Integration · 25 March 2025M0's programmable stablecoin platform provides T-Bill backing for USDai with instant redeemability and T+0 finality, ensuring full collateralization and institutional-grade stability.

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Centrifuge: Tokenization protocol bringing real-world assets (invoices, real estate, mortgages) on-chain via Tinlake pools. Comparable as a pioneer in RWA collateralization frameworks (DROP, NFT-based receipts) — similar architectural philosophy to USD.AI's CALIBER.
• TrueFi: On-chain uncollateralized lending protocol with credit underwriting by curators. Comparable as a structured credit DeFi protocol with institutional borrower focus, though TrueFi lacks USD.AI's physical-asset collateralization layer.
• Maple Finance: Institutional on-chain credit marketplace focused on undercollateralized lending to crypto-native institutions. Comparable as a structured DeFi credit protocol targeting institutional borrowers with real-world use of proceeds.
• Ethena: Issuer of USDe synthetic dollar and sUSDe yield-bearing token, generating yield via delta-neutral crypto strategies. Comparable as a synthetic-dollar protocol with a yield-bearing staked variant competing for stablecoin TVL.
• MakerDAO / Sky: Decentralized lending protocol issuing a yield-bearing synthetic dollar (DAI/sDAI) backed by tokenized real-world assets. Most directly comparable to USD.AI's USDai/sUSDai dual-token model, and an active distribution partner via Obex.
• Goldfinch: Decentralized credit protocol for lending to real-world businesses in emerging markets without crypto collateral. Comparable as a DeFi-to-TradFi bridge financing protocol targeting borrowers underserved by traditional banks.

Broad incumbents

• Aave: Largest decentralized lending protocol, offering variable and stable-rate lending markets across multiple chains. Comparable as a DeFi credit primitive, though Aave primarily lends against crypto collateral rather than physical infrastructure.
• Compound: Foundational DeFi lending protocol with money markets and the COMP governance token. Comparable as an on-chain lending primitive; less direct overlap given Compound's crypto-collateralized focus vs. USD.AI's GPU-collateralized model.
• Ondo Finance: Tokenized US Treasuries and yield products (OUSG, USDY). Comparable as an RWA-backed yield-bearing tokenized product, though focused on Treasuries rather than GPU-collateralized credit.

Emerging players

• Pendle: Yield-trading protocol that tokenizes and trades future yield. Direct integration partner via USD.AI AutoVaults; comparable as DeFi infrastructure for distributing and amplifying yield-bearing positions like sUSDai.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/USDai_Official
• GitHubgithub.com/metastreet-labs

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about USD.AI