USD.AI (CHIP)
USD.AI's GPU lending, deal by deal, and what it means for the CHIP token.
Updated 3 Nov 2026, 11:26 UTC
GPU loans done over time
- New loans
- Cumulative loans
New GPU loans made onchain each month (23 origination dates), and cumulative loans.
- Lent onchain$291.4M69%
- In escrow, waiting to fund$128.9M31%
Every origination date (23)
| Date (UTC) | New GPU loans | Cumulative loans |
|---|---|---|
| 8 Jul 2025 | $620.24K | $620.24K |
| 12 Aug 2025 | $649.60K | $1.27M |
| 5 Dec 2025 | $479.94K | $1.75M |
| 28 Jan 2026 | $2.30M | $4.05M |
| 7 Feb 2026 | $310.35K | $4.36M |
| 17 Feb 2026 | $4.28M | $8.64M |
| 2 Mar 2026 | $5 | $8.64M |
| 5 Mar 2026 | $9.80M | $18.44M |
| 9 Mar 2026 | $232.65K | $18.67M |
| 11 Mar 2026 | $525.88K | $19.20M |
| 12 Mar 2026 | $442.65K | $19.64M |
| 20 Mar 2026 | $196.52K | $19.84M |
| 6 Apr 2026 | $26.82M | $46.66M |
| 15 Apr 2026 | $1 | $46.66M |
| 17 Apr 2026 | $16.40M | $63.05M |
| 29 Apr 2026 | $45.35M | $108.41M |
| 4 Jun 2026 | $87.05M | $195.46M |
| 4 Aug 2026 | $7.50M | $202.96M |
| 7 Aug 2026 | $15.33M | $218.29M |
| 21 Aug 2026 | $4.57M | $222.86M |
| 3 Sep 2026 | $54.40M | $277.26M |
| 14 Sep 2026 | $9.56M | $286.82M |
| 16 Oct 2026 | $4.57M | $291.39M |
- GPU loans
- PYUSD T-bills
Money put to work
- GPU loans' share of reserves (GPU loans + T-bills)
- Money put to work (utilization)
Saver yield (sUSDai, before fees)
- Principal
- Interest
GLX
GLX is USD.AI's desk for placing big GPU loans with institutions.
- Compute IQ
- USD.AI's 100-point score for each GPU deal
- Separate legal box (SPV)
- The GPUs sit in their own company; the lender has first claim on them
- 1.25x cash cover (DSCR)
- The borrower's cash is about 1.25 times the loan payments, checked every quarter
- Up to 80% of GPU value
- The most a loan can be, as a share of the GPUs' value (LTV). Today's loans average 70.6%
- $20M to $150M
- Size of a GLX institutional deal
- 3 to 5 years
- Paid down in equal monthly steps
- 10% to 15%
- Target yearly return for institutional lenders
GLX headline deals (usd.ai/glx)
Every loan in USD.AI's deal feed
| Deal / borrower | Stage | GPUs | Location | Original | Remaining | APR | Term | Offtake |
|---|---|---|---|---|---|---|---|---|
| B200 [38]0x8cfd…9b3a | Active | 38 x B200 | TX, USA | $8.6M | $6.9M | 11.48% | 33 mo | Spot |
| H200 [75]0xface…5f82 | Active | 75 x H200 | MO, USA | $15.5M | $13.6M | 11.98% | 34 mo | Contracted |
| RTX PRO 6000 [4]0xe12f…c5b6 | Active | 4 x RTX PRO 6000 | Montreal, CA | $275.9K | $241.4K | 13.48% | 32 mo | Spot |
| B300 [72]0xd938…c35c | Active | 72 x B300 | WA, USA | $25.3M | $22.4M | 9.98% | 34 mo | Spot |
| B200 [8]0x2f25…b34d | Active | 8 x B200 | France | $1.8M | $1.6M | 15.00% | 31 mo | Spot |
| B200 [32]0x8548…e5e3 | Active | 32 x B200 | TX, USA | $11.3M | $10.0M | 11.50% | 36 mo | Contracted |
| B300 [130]0x1c5d…ac1f | Active | 130 x B300 | OH, USA | $54.4M | $52.9M | 10.00% | 36 mo | Contracted |
| B200 [32]0x522c…408a | Active | 32 x B200 | DE, USA | $7.5M | $7.1M | 10.00% | 36 mo | Contracted |
| RTX PRO 6000 [3]0x5996…4b18 | Active | 3 x RTX PRO 6000 | Montreal, CA | $213.3K | $187.4K | 13.48% | 33 mo | Spot |
| H200 [4]0x7f5d…5266 | Active | 4 x H200 | Montreal, CA | $471.5K | $398.9K | 11.98% | 26 mo | Spot |
| B300 [34]0x015e…1b09 | Active | 34 x B300 | PA, USA | $15.3M | $14.5M | 15.00% | 36 mo | Spot |
| B200 [96]0x2ff1…fbd0 | Active | 96 x B200 | Sweden | $34.1M | $30.3M | 12.00% | 36 mo | Contracted |
| DGX B300 [24]0x2562…6723 | Active | 24 x DGX B300 | NE, USA | $9.6M | $9.3M | 15.00% | 36 mo | Contracted |
| B200 [16]0x6034…23ef | Active | 16 x B200 | TX, USA | $4.6M | $4.6M | 13.50% | 36 mo | Contracted |
| RTX PRO 6000 [3]0x4342…93b9 | Active | 3 x RTX PRO 6000 | TX, USA | $179.6K | $157.8K | 14.98% | 33 mo | Contracted |
| B300 [9] / RTX PRO 6000 [18]0x1c3b…6d33 | Active | 9 x B300 + 18 x RTX PRO 6000 | PA, USA | $3.8M | $3.3M | 11.98% | 32 mo | Contracted |
| GB200 NVL72 [32] - 5%0x14ef…71e9 | Escrow | 32 x GB200 NVL72 | BC, Canada | $6.4M | — | 9.00% | 36 mo | Contracted |
| GB200 NVL72 [32] - 95%0xa19b…335c | Escrow | 32 x GB200 NVL72 | BC, Canada | $122.5M | — | 9.00% | 36 mo | Contracted |
| DGX B300 [72]0xf427…72fd | Signed pipeline | 72 x DGX B300 | NE, USA | $32.0M | — | 15.00% | 36 mo | Contracted |
| B300 [170]0x1fca…5f37 | Signed pipeline | 170 x B300 | France | $55.0M | — | 8.00% | 60 mo | Contracted |
| B300 [128]0xe914…8206 | Signed pipeline | 128 x B300 | — | $44.5M | — | 11.50% | 36 mo | Contracted |
| B300 [216]0x3e9d…c568 | Signed pipeline | 216 x B300 | Sweden | $105.8M | — | 12.25% | 48 mo | Contracted |
USD.AI's feed lists 27 entries; the tranches it groups into one loan are added up into one row, which gives 22 loans. 28 loans have been made in all (16 still active); finished ones drop out of the feed, so "Closed / repaid" lists only those it still shows. Borrower links open the loan's wallet on Arbiscan.
Where the dollars are
By GPU model
By stage
Outstanding balance for live loans, the full amount for escrow and pipeline. GLX placements that are not in the pool's deal feed (usd.ai/glx) are shown as their own row.
CHIP token, fees and value
On 21 Apr 2027 (UTC), 12 months after CHIP went live on 21 Apr 2026, 33% of the team's and investors' CHIP unlocks at once; the rest unlocks over the next 24 months.
Protocol fees
Fees each month (DeFiLlama). The big months include the one-off fee charged when a loan is made.
Biggest fee days: 4 Jun 2026, $3.2M ($3M origination fee from Duos Edge AI's debt financing); 1 Oct 2026, $2.3M; 26 Mar 2026, $1.2M.
Value vs loan book
| Scenario | Active + escrow book | New loans a year | Origination fees (3%) | Net spread revenue | Yearly revenue | Market cap / revenue | FDV / revenue |
|---|---|---|---|---|---|---|---|
| 1. Today (active + escrow) | $310.7M | $300M/yr | $9.0M | $4.7M | ~$13.7M | 5.9x | 29.6x |
| 2. Committed (+ pipeline) | $503.6M | $450M/yr | $13.5M | $6.8M | ~$20.3M | 4.0x | 20.0x |
| 3. Mid-case scale | $750.0M | $650M/yr | $19.5M | $9.6M | ~$29.1M | 2.8x | 14.0x |
| 4. Management target ($1B) | $1.0B | $1B/yr | $30.0M | $12.3M | ~$42.3M | 1.9x | 9.6x |
From our CHIP thesis memo. Revenue = 3% upfront fee on new loans + 1.1% net spread on the active book + 0.5% spread on $260M of T-bill reserves. The last two columns use CHIP's live market cap and FDV above.
Voting
Sources: USD.AI (usd.ai, api.usd.ai) for loans, deals, reserves, deposits, yields, paybacks and votes; DeFiLlama for fees; coins.llama.fi for the CHIP price.
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