Performances
RD Popularity Index
RD Growth Index
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 0.79% | 6.06% | 18.16% | 10.05% | 32.22% | -- |
Revenue & Burn
Protocol income
$294.6KBuyback funds
$0Burn funds
--Buyback ratio
0.0%Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Oct 2026 | $294.6K | $0 | -- | 0.0% |
| Sep 2026 | $219.5K | $0 | -- | 0.0% |
| Aug 2026 | $275.46K | $0 | -- | 0.0% |
| Jul 2026 | $139.72K | $0 | -- | 0.0% |
| Jun 2026 | $3.08M | $0 | -- | 0.0% |
| May 2026 | $145.79K | $0 | -- | 0.0% |
Comparison
Developer
Top Holders
| Address | Token | Quantity | Percentage | Value |
|---|---|---|---|---|
| 0xe776...cf78 |   CHIP | 4,683,172.34 | 0.05% | $254.51K |
| 0x1557...0127 | CHIP | 989,343.76 | 0.01% | $53.76K |
| 0xbdb3...47b6 | CHIP | 140,324.19 | 0% | $7.62K |
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About usd.ai
USD.AI is a lending protocol that connects crypto depositors with AI infrastructure operators. Users deposit stablecoins like PYUSD, which are then loaned out to companies needing to purchase GPUs for AI computing. The loans are secured by the physical GPU hardware itself.
Its core value proposition is bridging decentralized finance with real-world AI infrastructure. The protocol uses a legal and technical framework called CALIBER to tokenize GPUs as enforceable on-chain collateral, and a queue-based redemption mechanism (QEV) to manage liquidity mismatches between long-term loans and short-term deposits. A third-party insurance layer provides valuation guarantees on the collateral.
The market pain point it addresses is twofold: AI companies struggle to access traditional financing for expensive GPU hardware, while crypto capital seeks yield but lacks safe, real-asset-backed lending opportunities. USD.AI structures these loans with rigorous legal documentation, including SPVs, UCC filings, and physical asset verification.
Over the past six months (March to September 2026), the protocol has shown meaningful growth. In April 2026, it completed two major loans totaling over $36 million, backed by 576 B300 GPUs and H200/B200 GPUs respectively. The current reserve pipeline stands at $1.5 billion, with $314 million in active loan pipeline. The protocol has achieved $346 million in total value locked and over 74,000 active users. Current real yield is approximately 7.1% APY, with potential for 11-12% at full deployment.
However, there are notable risks. The $1.5 billion pipeline may not convert to actual disbursements on schedule due to hardware delivery, installation, and legal settlement delays. Early-stage concentration risk exists, as loans are concentrated among few large counterparties. The protocol's dependence on QEV for redemptions could face stress during market downturns, and legal enforceability of cross-border GPU collateral remains untested in adverse scenarios. Regulatory changes in stablecoin or tokenized asset rules could also impact operations.
USD.AI's key milestones with long-term significance include: Bullish's $4M investment marked the first institutional endorsement of its GPU-backed stablecoin model. The $500M financing limit approved for Sharon AI validated the viability of GPU-collateralized lending. The $75M quota filling in 52 seconds demonstrated strong market demand. The Coinlist token sale at $300M FDV established its public market valuation. Binance HODLer airdrop brought mainstream exchange exposure. The $100M credit line from Bullish further deepened institutional backing. Selection in RootData's Top 100 Projects recognized its industry position.
Positive: 1) $CHIP launched on 15+ venues (Binance, Coinbase, Robinhood, etc.) on Apr 21, with peak 24h volume of $1.3B; 2) Secured a $100M stablecoin debt facility from Bullish with market-making support; 3) Revenue surged, Q2 annualized ARR reached $30M; 4) sUSDai supply surpassed $400M, TVL hit $492.1M, net APY 7.20%; 5) Aave V3 community passed the USDai/sUSDai listing proposal; 6) Borrower pipeline reached $13B. No major negative factors in the past half year.
Co-founders and core executives of USD.AI:
David Choi (CEO, co-founder): Former Deutsche Bank investment banking analyst, founded Permian Labs in 2021 with Conor Moore and Ivan Sergeev. Leads strategic direction, oversees USD.AI protocol and Tactical Compute hardware arm. Background in art market research and precision agriculture growth equity.
Conor Moore (co-founder): Ex-Wells Fargo Securities and Eastdil Secured investment banker, previously at The Rockpoint Group deploying $5B into real estate/infrastructure. Focuses on protocol architecture and on-chain ABS design.
Ivan Sergeev (co-founder): Third co-founder of Permian Labs, role details not publicly disclosed.