Credit · USD.AI
USD.AI is a DeFi credit + synthetic dollar protocol for AI infrastructure financing.
It lets crypto/stablecoin capital fund real-world AI compute infrastructure, especially GPUs, and turns that into a stablecoin/yield product.
USD.AI price
$0.0233
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USD.AI is a credit protocol that finances AI and compute infrastructure through a synthetic dollar. Users mint USDai against stablecoin deposits, and capital is deployed into asset-backed loans collateralized by GPUs and related hardware via its CALIBER securitization framework, with T-bill-style backing during ramp-up. Staked USDai (sUSDai) captures the loan yield, while staked CHIP acts as first-loss insurance capital. It behaves less like a stablecoin company and more like an RWA private-credit protocol whose underlying collateral is AI compute.
It is not just "a stablecoin company." It is more like a RWA/private credit protocol where the RWA is AI compute infrastructure.
A fully backed synthetic dollar / stablecoin-style asset.
Yield-bearing version of USDai. Users deposit capital and earn yield from the protocol's lending activity.
The protocol lends capital to AI infrastructure operators, typically backed by GPU hardware or related compute assets.
$CHIP ICO: $0.03/token, $300M FDV, 700M CHIP (7% supply), 100% unlock at TGE, sold on CoinList.
USD.AIUSD.AI Foundation (Cayman) governs; Permian Labs (Delaware) builds the protocol.
USD.AIDelphi 3-phase backing roadmap: T-bills -> mixed -> ~100% hardware. Terminal hardware-backed phase remains design-stage.
Delphi DigitalHow USD.AI maps onto established TradFi structures, and where it diverges.
Data Center Asset-Backed Securities (ABS)
USD.AI
Pools cash flows from data centers/GPU clusters or hardware leases; investors get yield from AI infra revenue.
TradFi analogue
Usually securitizes stabilized assets with long-term leases; less focus on individual GPUs.
Equipment Finance / GPU Leasing & Loans
USD.AI
Direct financing against servers, GPUs, or compute hardware (operating leases, sale-leasebacks, equipment loans).
TradFi analogue
Often provided by banks, specialty lenders (e.g., HPE Financial, Wells Fargo Equipment Finance), or private credit funds.
Object Finance / Specialized Asset Lending
USD.AI
Loans against physical income-generating assets (aircraft, ships, satellites, now GPUs) where repayment depends on the asset's cash flows.
TradFi analogue
Highly regulated; banks treat GPUs as high-risk "weak" assets with heavy capital charges.
Private Credit / Infrastructure Debt
USD.AI
Non-bank lenders provide debt to AI infra operators secured by hardware and contracts.
TradFi analogue
Less liquid; no tokenized/yield-bearing stablecoin wrapper like sUSDai.
CMBS for Data Centers
USD.AI
Commercial mortgage-backed securities backed by data center real estate + equipment.
TradFi analogue
More real-estate focused than pure hardware.
USD.AI Foundation
Legal / off-chain steward A Cayman Islands foundation company that serves as the legal/off-chain steward of the USD.AI DAO. It handles governance execution, treasury management, legal/regulatory matters, and ecosystem development on behalf of CHIP tokenholders, but does not custody assets or run the core protocol (which is on-chain and permissionless).
Permian Labs
Core development team The core development team behind the protocol (smart contracts, risk engines, collateral systems). They are the technical builders and service providers to the Foundation.
Series A
Aug 2025$13M
Key milestones: launches, upgrades, exploits and governance events.
Executed and Stated are sourced from the protocol. Theoretical and CanHav inferred items are forward-looking and not yet realized.
Delphi Digital research report
StatedDelphi publishes the 3-phase backing roadmap (T-bills -> mixed -> ~100% hardware) framing USD.AI as AI-infra credit.
SourcePermian Labs builds USD.AI
ExecutedGPU-collateralized lending model goes live, built by Permian Labs (Delaware).
SourceUSDai launches on M^0
ExecutedUSDai launches on the M^0 stablecoin platform; CALIBER (UCC-7 warehouse receipts) + QEV redemption framework introduced.
SourcePayPal PYUSD partnership
Executed4.5% incentive on up to $1B PYUSD deposits (~1yr program from Jan 2026); >$650M on-chain compute-backed at the time.
SourceUSD.AI Foundation + $CHIP announced
ExecutedUSD.AI Foundation (Cayman) launches; $CHIP announced; $1.5B+ pipeline, first $100M GPU loans targeted Q1 2026.
SourceCHIP ICO terms
Stated$0.03/token, $300M FDV, 700M CHIP (7% supply), 100% unlock at TGE, on CoinList.
SourceAllo Game S1 → CoinList ICO
ExecutedAllo Game S1 ends -> Level Up window -> CoinList ICO (Feb 22-27).
Source$CHIP live
Executed$225M loans executed, >$1.2B approved facilities; sCHIP live; claim deadline May 30, 2026.
SourceProtected $CHIP unlock (scheduled)
StatedProtected $CHIP unlock at YT maturity (settle $270M FDV).
SourceSecond YT maturity + Flatiron S2 end (scheduled)
StatedSecond YT maturity ($190M FDV settle); Flatiron (Allo S2) season ends.
Source~100% hardware backing, ~20% APY
TheoreticalDelphi's terminal backing phase; depends on loan demand scaling, not reached (backing is still mixed T-bills + early loans).
SourceQEV as primary redemption path
TheoreticalDesigned mechanism that 'becomes more relevant as USDai becomes more hardware-backed in stage 3', not the live primary path yet.
Source$2B+ pipeline -> realized loans
TheoreticalPipeline is not originated; only $225M actually executed as of Apr 2026.
Source[CanHav-inferred] Pipeline -> origination ramp
CanHav inferredInferred step closing the gap between >$1.2B approved facilities and $225M originated. USD.AI does not publish a per-facility drawdown schedule; this is CanHav's estimate, not a USD.AI commitment.
Yes. Based on its own docs, USDai is a fully backed synthetic dollar, and sUSDai is the yield-bearing version.
According to USD.AI's MiCA page, the protocol says it is , primarily by short-dated U.S. Treasury Bills and tokenized GPU assets.
Max supply
Emissions policy
ICO sold 700M CHIP (7% of supply) at $0.03 (≈$300M FDV) with 100% unlock at TGE; remaining supply held across foundation, ecosystem and contributors.
